Murphy Will Head CBRE's NJ Operations

PARAMUS, NJ-Patrick Murphy, credited with taking Insignia/ESG’s operations to the top in New Jersey, has signed a deal to join rival real estate services company CB Richard Ellis to repeat that effort. Besides its main office here, CBRE has a Central New Jersey office in Iselin.

It was a five-year project, moving Insignia/ESG from fifth place in market share in the Garden State to number one, and it apparently made an impression on CBRE executives increasingly anxious to grow their business in the tri-state region. Murphy will take over with the title of executive managing director and partner, New York Tri-State Region, responsible for the company’s New Jersey operations.

Company officials have also scheduled a press conference for Monday morning in Manhattan to introduce Murphy, as well as to spell out a $100-million effort “to build and support a groundbreaking commercial real estate services operation in Manhattan and throughout the region,” according to a spokesman. CBRE president Brett White and chairman Ray Wirta are both slated to be on hand for the event.

The latest moves follow a failed attempt by CBRE to acquire rival Grubb & Ellis, a deal that would have had major implications for the market in New Jersey and the tri-state region in general. And as reported by GlobeSt.com, company officials are also said to be having conversations with several former Arthur Andersen real estate people about beefing up CBRE’s consulting division.

Indeed, Insignia/ESG’s strength on the consulting side is likely part of the attraction for bringing Murphy on board. Officials would not comment further prior to Monday’s press conference, but in a written statement White praised Murphy as “the ultimate real estate professional, one of the best-liked gentlemen in the business [and] one of the most accomplished leaders and managers in the New Jersey market.

“As a manager and practitioner, Patrick drove the philosophy of collaboration to his teams of professionals, encouraging them to utilize a wide range of resources,” the statement continues. “We are confident he will bring a new vitality to our operations in the region.”

A 20-year real estate industry vet, Murphy spent a total of 11 years with I/ESG, beginning in the company’s Manhattan office. He was shifted to the New Jersey operation, based in Saddle Brook, in the mid ’90s to jumpstart an office ranking fifth in market share. Since then, IESG has opened a Central Jersey office in East Brunswick and has arranged a strategic alliance with Buschman Partners, a powerhouse in the Princeton marketplace. In the last two quarters alone, IESG has completed more than 4.5 million sf in leasing assignments in New Jersey.