Flag Rises on Magellan Commercial Realty

Within three years of selling his longtime firm to the one-time Insignia/ESG, Philip C. Baker is raising an independent flag on a new firm. It was widely rumored last year that Baker would launch a commercial real estate firm when I/ESG and CB Richard Ellis Inc. merged. The rumor resurfaced in January when Baker stepped aside as CBRE's executive vice president in Dallas. Instead, he signed on as COO for the locally based Cawley Wilcox Cos.

"Phil never let go of the idea of starting his own business," Bill Cawley tells GlobeSt.com. "Whatever is best for him is what I want. Do I wish this hadn't happened, of course."

Magellan Commercial Realty officially will open doors Monday in a 2,100-sf office, with expansion capability, at 511 E. Carpenter Freeway in the Las Colinas Urban Center, a one-time stronghold for the now-defunct Baker Commercial Realty. The firm is launching with Russell Cosby, a 25-year professional, as senior vice president and Michael DeLier as senior associate. According to Baker, Cosby has severed ties as partner in the locally based Mullen/Cosby, part of the Mullen Co. Meanwhile, Baker is talking to two other well-known brokers about joining the flagship team.

Baker Commercial Realty had 20 brokers when it rolled to I/ESG. Magellan Commercial will most likely end up with 10 brokers, give or take, Baker says of the groundwork being laid "to attract several really good people to help me grow this company."

Baker is known around town for his expertise in Las Colinas real estate, often referred to as "Mr. Las Colinas." These days, his longtime stomping ground registers one of the highest office vacancies in Dallas/Fort Worth. "There are tons of available space and that means tons of leasing. I'd like to be the tenant rep who helps those people," he tells GlobeSt.com. "The market conditions today are almost identical to when I started Baker Commercial."

Baker will hit the ground running with a handful of dispositions and office leases nearing the finish line. And, he's gripping a trusted "black book" of 12 clients who've been at his side since Baker Commercial: the Catholic Diocese of Dallas, University of Dallas, some Crow Family Holdings accounts and high net-worth individuals.

Should a development opportunity arise, Baker says he most likely will look to Cawley. "I have enormous respect for Bill Cawley and the entire Cawley/Wilcox organization, but both my heart and my head tell me it is time to start my own company again," the recognized "heavy hitter" says in a press release.