WASHINGTON, DC-CBRE has hired Ken Sacco to be the locally-based director of the brokerage's Financial Consulting Group. CBRE plans to hire an additional two people for this quickly-growing service of CBRE.
The group provides financial advisory and analytical services to occupiers--or tenants--of real estate. The crux of the service is to help clients make complex financial decisions regarding their real estate decisions. "The standard that clients now expect is something we call investment bank-quality financial analytics," Joe Wallace, senior managing director and head of CBRE's Occupier Services practice in the Washington-Baltimore region, tells GlobeSt.com.
"Lease transactions are getting more and more complex, the dollars involved are huge and the options are vast," Wallace continues. "This is not a new direction for us but [Sacco's hire] is a significant investment by us in this idea."
Tenants need to look not just at the economics of a deal but also the tax implications and accounting issues such as the pending lease accounting proposal, Sacco adds.
DC's service is supported by CBRE's national group of 50 professional.
Sacco spent six years as a corporate finance investment banker with Lehman Bros. and Barclays Capital based in New York and London. Before that, he was a member of the Financial Consulting Group at Equis Corp. in Chicago, where he specialized in supporting the tenant representation and portfolio management teams.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
