Marcus & Millichap
| Company type | Public (NYSE: MMI) |
|---|---|
| Industry | Commercial Real Estate Brokerage |
| Founded | 1971 |
| Founder | George M. Marcus |
| Headquarters | , |
Area served | North America |
Key people | Hessam Nadji, President & CEO |
| Services | Investment sales, financing, research, advisory services |
| Website | www |
Marcus & Millichap (NYSE: MMI) is a company founded in Palo Alto in 1971 by George Marcus that works in the field of commercial real estate, providing real estate brokerage, investment brokerage, research, and advisory services in the US and Canada.[1][2] It is famous in its industry for popularizing the practice of exclusively listing properties with one broker, which by 2015 had become standard practice in the industry.[2][3]
William Millichap was one of the first salespeople Marcus hired, and was made a partner in 1976.[3]
In the early 1990s it participated in the wave of Real estate investment trust (REIT) vehicles that became publicly traded; it put together Essex Property Trust Inc which went public in 1993[4] and which by 2015 was the biggest apartment landlord on the West Coast.[3][5]
In 2009, New York State investigators investigated the company following charges that Glen Kunofsky, senior vice president of investments, and nine other Marcus & Millichap brokers were accused of acting fraudulently and violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). The federal charges were dismissed in 2014 following a 3-year investigation.[6][7][8]
In July 2012, a lawsuit filed by Marcus & Millichap in Washington, D.C. against Greysteel Co. LLC, a firm started by a former broker, Ari Firoozabadi, was thrown out, with the judge noting that the firm sought to cause economic harm and ruin their opponents. Marcus & Millichap settled the lawsuit and said they “regret” the lawsuit.[9]
It went public in 2013.[2]
In 2014 the company closed around 7,700 real estate transactions worth around $33 billion, with more closings and more listings than its competitors that year.[5]
References
- ^ "Profile: Marcus & Millichap, Inc". Bloomberg. Retrieved 27 September 2016.
- ^ a b c "Marcus & Millichap expanding Institutional Property Advisors into office/industrial - Silicon Valley Business Journal". Retrieved 2016-09-26.
- ^ a b c Metcalf, Tom; Brandt, Nadja (1 June 2015). "Bay Area Broker Becomes Billionaire on Sub $10 Million Listings". Bloomberg.
- ^ Zuckerman, Laurence (4 August 1994). "Questioning the Realty-Trust King". The New York Times.
- ^ a b Berry, Jahna (June 4, 2015). "George Marcus's Marcus & Millichap closed most commercial real estate deals in U.S. in 2014". San Francisco Business Times.
- ^ http://cdn.ca9.uscourts.gov/datastore/opinions/2014/05/07/12-16526.pdf
- ^ "State investigates Marcus Millichap". The Real Deal New York. 25 February 2009.
- ^ "Marcus & Millichap - Glen Kunofsky - RICO". The Real Deal New York. 3 April 2012.
- ^ Daniel J. Sernovitz (5 August 2013). "Marcus & Millichap settles suit with Greysteel, says it 'regrets' suing the firm - Washington Business Journal". Washington Business Journal.
