Cresa Names 2 New Sheriffs

Cresa has selected a new CEO and chairman.
Richard Rhodes

Richard Rhodes, Cresa

Cresa has announced that Richard Rhodes has been elected CEO and Matthew Feeney elected chairman by its Board of Directors at the firm’s annual meeting.

Additionally, the firm re-elected Matthew Miller as vice chairman, and Judi Hilton as chief operating officer. Miller is a managing principal of Cresa Los Angeles, while Hilton is based at the firm’s corporate office in Boston.

“The new team is made up of professionals who have been with the firm more or less since its inception,” Rhodes told Commercial Property Executive. “Matt Feeney and Matthew Miller are instrumental in running their individual regions (Philadelphia, and Los Angeles, respectively), and Judi has held operational positions at the L.L.C. level throughout, so they understand what it takes for Cresa to continue to be successful, who best to recruit to effectively maintain Cresa’s unique culture and grow the headcount and revenue. Therefore, they bring experience, knowledge, and vision.”

Rhodes, Cresa’s chairman since 2013, succeeds Jim Leslie, who had served as the firm’s CEO since 2012. He will continue as managing principal of the firm’s Washington, D.C., office. Feeney, formerly vice chairman of the board, will continue as managing principal at Cresa Philadelphia.

“Cresa’s philosophy parallels its competitive advantage and its platform, which is user-only representation. Our strategy is to continue to influence the commercial real estate market by challenging the legacy models that full-service firms bring to the industry – that one firm can represent both tenants and landlords effectively,” Rhodes added. “This is not possible in the sense that conflicts will be inevitable when you try to serve two masters. The Cresa model of putting the tenant’s interests first through objective representation continues to gain traction across the country and now internationally.”

Over the past 12 months, Cresa has recruited 229 new hires, added more than a dozen international offices, and increased its revenue year over year by 20 percent, and Rhodes said he expects this trend to continue by adding additional offices both domestically and internationally, expanding its branding platform to increase visibility, investing in existing service lines to create more robust services, and increasing the number of service lines and sectors it serves.

“We have been bucking the industry trend toward consolidation and have maintained our independence since we were founded 22 years ago,” Rhodes concluded. “One thing that hasn’t changed during this time is that we are true to our original values that stress the importance of collaboration and ‘doing the right thing.’”

Other newly elected members of the Board are Brant Bryan, principal of Cresa Capital Markets in Dallas; Bill Lichwalla, CPA, managing principal, Cresa Detroit; and Jeff Manley, principal, Cresa Orange County.