Cushman & Wakefield Absorbs Progress Capital’s Brokerage Team

Cushman & Wakefield (CWK) has enhanced its tri-state capital markets platform by absorbing Progress Capital’s entire brokerage team led by Kathy Anderson, Brad Domenico and Brian Anderson, Commercial Observer can first report. 

The Progress Capital trio joins C&W’s equity, debt & structured finance team with a focus on expanding the brokerage’s coverage in the New Jersey, Connecticut, Long Island and Upstate New York markets. The team will be based out of C&W’s East Rutherford, N.J., office.

As a result of the move, Progress Capital will no longer remain as an independent company and the firm’s website will display C&W branding. 

“The strategic addition of the team led by Kathy, Brad and Brian marks a pivotal step in our ambitious growth plan within New Jersey,” Peter Bronsnick, C&W’s managing principal of New Jersey, Pennsylvania and Delaware, said in a statement. 

Anderson, who was a founding partner of Progress Capital in 1990, will have a vice chair role at C&W along with Domenico, who was a partner at Progress since 2013. Anderson joined as executive managing director, and was a managing director at Progress for the past six years.

The Progress Capital team will work in close concert with C&W’s tri-state investment sales team led by Andy Merin, David Bernhaut and Gary Gabriel along with Rob Rubano, head of equity, debt & structured finance. Gideon Gil will continue in his role leading the New York City equity, debt & structured finance team and John Alascio will remain focused on institutional client accounts across the Northeast, according to C&W.

“Their experience and strong client relationships will bolster our capital markets capabilities across the region,” Alascio said in a statement. “The addition of their team enhances our ability to offer a comprehensive range of services to our clients, ensuring seamless integration across the Northeast.”

While the personnel moves are not a direct merger, Progress Capital announced in an email Monday afternoon it has “officially joined Cushman & Wakefield” with “more resources” across the brokerage’s global network. Progress Capital did not immediately return a request for comment. 

Kathy Anderson said in a statement issued through C&W that her team was “eager to hit the ground running” and that joining forces with the company “provides us with a powerful global platform that we will utilize to further expand our market share and enhance client coverage.”

Progress Capital has facilitated a number of deals in the tri-state region over the last couple of years, including a $33.6 million acquisition loan from Société Générale last December for Crown Acquisitions affiliate First Mile Properties to purchase a 287,392-square-foot office building at 61 South Paramus Road in Paramus, N.J., for $56 million from DRA Advisors and Onyx.

Andrew Coen can be reached at acoen@commercialobserver.com