Rapp Promoted to Vice Chairman for CBRE’s Tri-State Region
- Aug 08, 2008
CB Richard Ellis Inc. has promoted Ken Rapp, a commercial real estate veteran known for his prolific leasing work with some of Manhattan’s biggest corporations and other high-profile clients, to vice chairman for CBRE’s New York Tri-State region. Rapp, who has been with CBRE 20 years, is the youngest CBRE Tri-State executive to be promoted to vice chairman. Named a “Top 10” producer in CBRE’s New York office more than 10 times, he has also been honored as one of the top sales professionals in the United States. Rapp has arranged more than 10 million square feet in transactions for an aggregate value of more than $8 billion and completed more than 300 lease transactions. “You need to be involved here and participate and help the company grow,” Rapp told CPN when asked whether there would be any changes in his duties along with his promotion. Rapp, who marked his 20th anniversary with the firm in May, said he has grown along with CBRE, which was known as Coldwell Banker & Co. when he started. “We had maybe 30 or 35 brokers in New York, now we have 350,” he noted. Rapp added that CBRE’s acquisition of Insignia/ESG in 2003 and others has helped the company go “from having basic services to having a strong, broad platform in every way. Consulting, capital markets, appraisals, project management–we didn’t have that 20 years ago.” The power broker is known for providing creative solutions to tenant needs. A June 21, 2006, CPN report noted that Rapp’s team came up with an unusual way to get more space for longtime law firm client Simpson Thacher & Bartlett, which wanted to lease in the Chrysler Building East but was unable to find space. Rapp’s team arranged for the law firm to lease 78,255 square feet in the neighboring Chrysler Building and then break through the walls to create one contiguous floor between the two skyscrapers. Specializing in Midtown and Downtown Manhattan, Rapp has arranged 450,000 square feet for Aon Corp.; 250,000 square feet for Simpson Thacher & Bartlett; 230,000 square feet for Hogan & Hartson; more than 500,000 square feet for the City of New York and 100,000 square feet for AIGSunAmerica Asset Management. He has worked on numerous deals for Legg Mason, coordinating more than 700,000 square feet of transactions for the global asset management firm, including dispositions and relocations in Manhattan and a 200,000-square-foot lease restructure in Stamford, Conn. On the agency side, other assignments have included the General Motors Building, 55 Water St. and Three World Financial Center. As reported yesterday by CPN, Rapp’s colleague Craig Reicher has also been promoted to vice chairman for CBRE’s New York Tri-state Region. Reicher, a 21-year commercial real estate veteran is also an attorney. Over the past five years, he has negotiated close to 1 million square feet on behalf of Bloomberg L.P. and led the team that renewed Fried Frank’s 380,000-square-foot lease at One New York Plaza. Reicher’s brokerage practice also includes landlord representation and investment sales work. In March, he was part of the team that closed the $525 million sale of 120 Park Avenue on behalf of the seller, Altria Group, together with the leaseback of 100,000 square feet at 120 Park by Philip Morris International and Altria.