Douglas Harmon and Adam Spies

Douglas Harmon and Adam Spies


Douglas Harmon and Adam Spies

Co-Chairman of Capital Markets at Cushman & Wakefield

Last year's rank: 13

Douglas Harmon and Adam Spies
By May 15, 2023 9:00 AM

Adam Spies and Doug Harmon racked up $22 billion in transaction volume across 165 transactions (or, one every 2.2 days) in 2021, dominating the New York City capital markets playing field while also spreading their deal-making mojo to other states. 

Roughly $2.2 billion of 2021 deals were office sales, and the team currently has another $3.4 billion under contract.( In total, Harmon and Spies are marketing $8.4 billion of product currently.) 

The pair didn’t shy away from Gotham office transactions despite the often-hairy market environment. Quite the opposite, in fact. Remember the $850 million sale of 100 Pearl Street to Commerz Real in September 2021, or the $790 million joint venture recap of SL Green Realty Corp.’s 220 East 42nd Street? Harmon and Spies.  The two also arranged and closed Blackstone’s purchase of a 49 percent stake in 1 Manhattan West — in a deal that valued the office building at $2.85 billion — last March.

Across the Hudson River, they got to work arranging the sale of office towers at 101 Hudson Street and 70 Hudson Street in Jersey City for $380 million and $300 million, respectively, as well as the $210 million sale of Waterfront Corporate Center 1 at 111 River Street. Phew! 

But office expertise was only one tool in their kit. Harmon and Spies proved they’re advisers who can turn their capable hands to any asset class, and close on behalf of their clients.

Even retail, you ask? 

Yep, they had us covered (in chocolate and a candy shell) with the $190 million sale of M&M World in Times Square, one of the most significant, buzzed-about and — dare we say — delicious retail transactions post-pandemic. 

Coveted asset classes? Comin’ right up. Harmon and Spies negotiated the sales of multifamily jewels including the American Copper Buildings (a $850 million price tag) and the Waterside Plaza portfolio (for a cool $582 million). The two are currently in the process of closing the $250 million sale of a LeFrak Brooklyn multifamily portfolio to A&E Real Estate. 

And don’t forget the sale of a 71 percent stake in Starrett City, the 5,881-unit rental complex in Brooklyn, at a valuation of $1.8 billion. Or their advisory role in PIMCO’s $3.9 billion purchase of Columbia Property Trust. 

The New York-based duo also expanded their geographic reach to work on national portfolio sales across asset classes, including single-asset deals. Bringing some Miami heat, they negotiated the $300 million sale of a 90 percent stake in Citigroup Center in The Magic City to Monarch Alternative Capital.