David Sturner, the CEO of MHP Real Estate Services, started making calls to members of his team last Friday to deliver some news. The company’s office leasing arm, comprising 16 brokers, is closing.
“We don’t think there will be a lot of brand-new leases,” he said. “People just don’t know how much space they are going to need.”
MHP is keeping its six-person asset sales group and four in-house leasing agents for the business’s 2.5M SF office portfolio. But MHP’s tenant representation business, which Sturner had considered closing for years since it hasn’t been a big income-producer, is officially over. The company is returning to its roots as primarily an owner-operator, Sturner said.
“We saw [office leasing] wane over the last few years,” Sturner said. “We don’t see that growing over the next few years, so we got rid of a source that we didn't think was necessary for the future of the company.”Much of the commercial real estate industry has faced a…
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