Four Senior Brokers Start A New Firm

The real-estate community is abuzz over the biggest defection of brokers ever to hit an Eastside commercial brokerage.

Four senior brokers, Jeff Watson, Jim Kinerk, Paul Jerue and Paul Sweeney - all vice presidents or senior VPs - announced this week they are leaving longtime industry leader CB Commercial. Going with them are three other brokers, Jason Furr, Chris Langer and Jamie Shanks.

They're starting a new firm, the Broderick Group, in partnership with veteran independent John Black.

Los Angeles-based CB Commercial was the first commercial brokerage to establish a major office on the Eastside in the 1980s. Since then, other companies have set up shop, most notably Colliers International.

The timing is right for brokers who want to strike out in search of independence and a bigger share of commissions. The Eastside market may be the hottest in the U.S.

Ann Chamberlin, who runs CB Commercial's Bellevue office, faces a challenging rebuilding task. Not only did she lose seven of her 17 brokers in one whack, she lost her top producer (Jerue) and CB's Puget Sound rookie of the year (Langer). The big question is how much business will follow the brokers.

Bellevue has often been the most productive office in the CB chain. "It won't be No. 1 this year," observes Craig Wilson, who was a senior vice president before he left the company earlier this year.

Apartment boom: After building mostly condominiums, more developers of multifamily housing are turning to the apartment market. Eastside vacancy rates last month were 2.6 percent - less than half the rate of six years ago - according to a survey by Woodinville-based Property Dynamics.

Some of the developers tapping the strong market are Langly Associates (245 units in Issaquah), Waddell Properties(just completing downtown Kirkland's first apartments) and Bellevue's Seco Development (about to build 162 units in downtown Kirkland).

Property Dynamics' Greg Fahey estimates that apartments have grown from less than 30 percent of multifamily construction last year to about half this year.

Briefly: Bellevue-based e-Merchant Group has launched an Internet toy store, gettoys.com. Costa Mesa, Calif.-based FileNet has signed a lease to occupy three floors of the four-story building being developed by Northstream Development in Kirkland's Central Way Plaza.

Redmond's Emerald Heights has been recognized by New Choices magazine as one of the nation's top 20 retirement communities.

Coming up: Jerry Ryles, chairman and CEO of computer consulting corporation Microserv, will address the Northwest Venture Group breakfast Dec. 19 on lessons from the once-troubled company's recovery. The breakfast, from 6:30 to 9 a.m. at the Bellevue Conference Center on 107th Avenue Northeast (not to be confused with Meydenbauer Center) is $15 for members and $20 for nonmembers. Reservations required by Wednesday, 425-746-1973.

Keith Ervin's column appears in Business every Saturday. He invites your tips and comments. You can reach him by phone at 206-515-5632, fax at 425-453-0449, e-mail at: kerv-new@seatimes.com or by writing The Seattle Times Eastside Bureau, 10777 Main St., Suite 100, Bellevue, WA 98004