A top executive is exiting Cresa, and the occupier-focused real estate firm has begun the search for a new CEO.
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President Greg Schementi, who joined Cresa from Cushman & Wakefield in 2022, is leaving the firm, and CEO Tod Lickerman will be replaced sometime in the next two years. Tom Birnbach, vice chairman of the Chicago-based firm with offices in 24 states, is taking over as interim president.
“Tod has been instrumental in helping build the company’s long-term strategy, and remains CEO,” a spokesperson for Cresa said in a statement to Bisnow Tuesday. “Cresa is also looking to the future, considering the right leadership to take them forward for the next 10 years.”
The staffing changes and CEO search were first reported by CoStar.
Schementi is no longer an employee at the firm, but Lickerman told CoStar he would be available for the next two months to help with the transition.
“Greg leaves a friend of Cresa, the company appreciates his contributions while he was in the President role,” Lickerman said in a statement to Bisnow.
Cresa’s executive committee, which includes Lickerman, Birnbach and Chairman Gary Gregg, are leading the search for a new CEO, which a spokesperson indicated was likely to come from outside the company.
“Cresa is looking at external candidates and has high expectations for the next generation of leadership,” the spokesperson said.
Lickerman told Costar he would maintain a presence at Cresa after stepping down, saying that he planned to keep his investment in the firm and provide advisory services on mergers, acquisitions and recruiting.
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Lickerman joined Cresa’s board of directors in 2019 with the goal of growing the firm. He brought more than three decades of experience, including top executive positions leading the Americas business at Cushman & Wakefield after the brokerage’s 2015 acquisition of DTZ, where Lickerman was CEO. He also spent 23 years working for JLL.
He became interim CEO for Cresa in February 2021, replacing James Underhill, before taking over the role full time.
The privately held integrated real estate services company solely works with occupiers. Its revenue is up 93% from 2019, and the firm has tripled its project management revenue, CoStar reported, citing the company.
Cresa has powered growth through acquisitions and recruiting. It added 50 brokers to its team through the May 2022 acquisition of Esrp, a boutique brokerage firm based in Frisco, Texas.
In May, it acquired Vogel Advisors, a small Detroit-area tenant representation firm, in a cash deal. Earlier in the year, it picked up a six-person team led by Chicago-based retail broker Marcus Cook.
“Cresa is having its best year ever and is excited about the strength of its markets and their growth trajectory,” Lickerman said in a statement. “Cresa is expanding service lines, adding producers, and companies that fit their platform.”
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