CB Richard Ellis senior director Craig McDonald has resigned after just a year with the firm.
McDonald, who handed in his notice on Wednesday evening, is to join King Sturge as head of its new central London development division.
A source close to McDonald, who was senior director responsible for central London development and agency, said that he became “disillusioned by the merger between CB Hillier Parker and Insignia Richard Ellis within just a few months of joining CBHP”.
CBHP lured McDonald from Cushman & Wakefield Healey & Baker in December 2001, where he had been an equity partner and a major fee-earner.
However, CWHB enforced a draconian 12-month notice period.
McDonald effectively served gardening leave while at CWHB throughout 2002. He worked from the firm’s offices but was being blocked from being involved with deals.
He had been Sainsbury’s most trusted London adviser, working on projects that included the proposed redevelopment of its former South Bank HQ. In April 2002, Sainsbury’s dropped CWHB and appointed JLL.
McDonald finally joined CBHP in November 2002. Three months later, news that CBHP was to merge with IRE became public.
The source said: “He had expected to be a major force in CBHP’s central London growth but all of a sudden the Insignia team came in as well. The make-up and dynamic of the team changed overnight.”
McDonald said: “I gave the merged firm six months and decided it wasn’t for me. I am delighted to be going to King Sturge where I am confident the division will be hugely successful.”
CBRE joint UK managing director Martin Samworth said: “We are sorry to see him go, but this an area of business where we have quite a few senior people.”
References: EGi News 01/12/03
