Mike McDonald (left) is pictured at the Bisnow event with USAA Real Estate’s Bruce Petersen while at Eastdil Secured in 2012.
Cushman & Wakefield is suing two former prominent capital markets brokers for breach of contract after they switched to competitors. JLL.
Mike McDonald When Jonathan Knapper He joined JLL just weeks after leaving his job at Cushman & Wakefield, breaking a five-year employment contract signed in October 2018, the brokerage firm said Tuesday in a lawsuit filed in Dallas County District Court. claimed. The deal prohibits the two of them from working in real estate in the United States until mid-September 2023.
The brokerage firm was given a temporary restraining order against a former employee Wednesday afternoon. It is also seeking monetary relief of $1 million. CoStar first reported suit.
Cushman & Wakefield alleges in the lawsuit that McDonald and Napper have disclosed “confidential business information”, as well as “all of Cushman & Wakefield’s Dallas-based institutional investment sales brokers” or other purported advisors. of five brokers and two executives to JLL. and “multiple clients”.
McDonald’s and Knapper’s deal reportedly provides multi-million dollar signing and retention bonuses and comes with a non-compete clause. However, both brokers resigned in mid-September and “quickly accepted the same or similar roles” at JLL, C&W claimed.
“Cushman & Wakefield has already suffered serious injuries and continues to suffer as a result of defendants’ violations,” the complaint reads, adding that the brokerage firm has filed for canceled transactions resulting from McDonald’s and Knapper’s departures. He claims that he has already dealt with
“I am fully aware of and respect my restrictive covenants with my former employer and plan to do so,” McDonald told CoStar, but Knapper did not respond to a request for comment. rice field.
JLL did not respond immediately BissnowA Cushman & Wakefield spokesperson declined to comment on . Bissnow.
The two have worked together for eight years. Secure Eastdill, according to CoStar. Before moving to Cushman & Wakefield, McDonald was based in Atlanta, where he had already sold more than $5 billion in real estate. Bissnow previously reported.
This lawsuit is another example of fierce competition among the most competitive commercial real estate companies. Businesses rely on brokers to bring in customers and revenue when moving companies.
last year, Newmark sued three former apartment sales brokers who defected to CBRE, CoStar reported. In 2018, CBRE sued two former brokers who moved to rival firms Hughes Marino not only the company itself, Bissnow reported at the timeThe lawsuit was later settled and the broker agreed to cover CBRE’s attorneys’ fees.
update, September 20 at 4:20 PM ET: This story is developing and has been updated to include a Dallas County Court granting a temporary injunction against McDonald’s and Knappers.