Cushman & Wakefield Inc. has named a former executive of Irvine-based auction firm Ten-X LLC to run its Orange County and Inland Empire offices.
The commercial brokerage announced last week that it brought on Eric Paulsen as managing principal to oversee its Irvine, Ontario and Diamond Bar offices, which together employ about 200 people. The Irvine office, where Paulsen will be based, has about 100 employees, including 45 brokers.
It was OC’s second-largest commercial brokerage last year, with about $3.3 billion in sales and lease transaction volume, according to Business Journal records.
The local office plans a growth push, said Paulsen, who’ll recruit brokers and other employees, and add other areas of focus.
The company “still has a lot of track in front of it,” he said, noting the entrepreneurial drive of the Chicago-based firm, which has sought to grow its national presence following its 2015 merger with New York brokerage DTZ.
At Ten-X, Paulsen most recently served as executive managing director of the commercial division, which had about 125 employees and generated revenue in excess of $115 million. It had worked with Cushman & Wakefield’s local capital markets team on some area auctions over the past few years, including the 2013 sale of Yorba Linda’s Savi Tech Center office campus.
Ten-X’ commercial operations grew out of a startup venture between the company and Miami-based LNR Property Corp., which Paulsen—a former LNR executive based in Newport Beach—oversaw since its creation.
Attractive Skill Set
Ten-X, formerly Auction.com and best known for auctions of homes, completed its sale last week to private equity firm Thomas H. Lee Partners. The deal, described as a recapitalization, values Ten-X at about $1.6 billion, according to news reports.
Google was Ten-X’ largest investor prior to the deal through its CapitalG investment arm. It still has a minority stake in the company.
With the sale pending, “I was looking for something new that offered me personal growth,” Paulsen said. “I thought my skill set fit in well with (the brokerage).”
Cushman & Wakefield’s Irvine operations were last headed by Jim McFadden, who’s now executive director of the firm’s Long Beach office.
Paulsen will report to Andrew McDonald, regional managing principal and executive managing director of the Greater Los Angeles and OC markets.
“Eric possesses exceptional qualifications,” McDonald said in a statement, “including significant transaction, operations, leadership and management experience as well as his unique perspective and diverse background working with complex business development solutions associated with real estate.”
