Stream Realty Fills ONCOR Gap Created by Kennedy-Wilson Changes

Stream Realty Partners LP of Irving has landed the role, filling the gap left by Kennedy-Wilson International's decision to "disengage" its tenant rep brokerage, according to ONCOR, a Washington, DC-based network with 200 markets in North America, Europe, Latin America, South Africa and India. "We're expecting a good deal of deal traffic from the ONCOR affiliation," Michael McVean, Stream's co-managing partner, tells GlobeSt.com.

The freshly signed contract puts Stream's team of 26 transaction specialists into an international network with more than 50 other privately owned firms. McVean says Stream has been weighing a national affiliation for about three years. "We just didn't find the right fit," he explains. Then, the phone call came that the ONCOR affiliation was up for grabs.

Kennedy-Wilson got the ranking in 1999 when it got Jerry Fults, who exited in early May as the Los Angeles-based firm contined to shift and downsize its Dallas team. Kennedy-Wilson did not return a telephone call for comment prior to press time.

Stream's co-managing partner Lee Belland spearheaded the move to jump through the hoops to get the win. Part of the certification process is tied to local sales volume, a criteria that changes with each market, an ONCOR representative explains. A month of reviews, including a trip to another affiliate's office for an up-close interview, and a world board vote won the honor for Stream, says McVean.

The local brokerage firm now is better positioned to compete with the national presence of the major league players in the DFW metrolex. McVean estimates 50% to 75% of Stream's clients have offices or do business in ONCOR cities. The title also carries a built-in recruiting and retention edge.

As the ONCOR details were being worked out, Stream hired Ben Sumner as a vice president. Sumner is one of the region's leading office tenant reps. He spent the past year as a managing director for Insignia/ESG in Dallas after it took over Baker Commercial Realty, where Sumner had worked since 1997. He is one of 11 VPs at Stream and one of eight tenant reps--the "bread and butter" of the ONCOR platform.