GM Real Estate is to be relaunched as BH2 next week with new leadership in place.
The shift will see co-founder Tony McCurley leave the business and co-founder Tony Gibbon will remain, bringing an end to the powerful partnership.
The BH2 name refers back to the original niche London agency co-founded by Gibbon in 1994. McCurley worked alongside Gibbon at BH2 from 1995 until 2004 when he left to become CBRE’s head of London. BH2 closed and GM Real Estate was formed in 2010 when McCurley reunited with Gibbon.
Neal Scambler is the only other former partner from the original BH2 to have remained at the company. Scambler and Gibbon are not currently partners of the new firm but their day-to-day involvement in the business will not change.
BH2 partners
Partners of the new business will be Richard Dale, Rupert Williams, Thurstan Guthrie-Brown, Sam Boreham and Dan Roberts. A new website with updated branding will appear next week but no changes will be made to the services offered by the business.
Despite the small size of its team, GM has consistently rivalled the largest agencies in the London investment and leasing markets. Last year, it took 5% of market share for London investment transactions and 6% of market share for office space disposals, according to EG’s London Office Market Analysis.
The market leader for investment, Savills, had a 19% share and for disposals, Cushman & Wakefield took a 28% share.
The restructure also signals the conclusion of a series of takeover discussions for the business, which has been courted by agency giants including Colliers International.
Trophy deals
The duo have been instrumental in piecing together some of the UK’s largest property deals, including the Brazilian Safra Group’s £700m purchase of the Gherkin, EC3, in 2014.
Current instructions include the prospective £700m sale of a 50% stake in 100 Bishopsgate, EC2, for Brookfield, and the leasing of TH Real Estate’s 332,000 sq ft 60-70 St Mary’s Axe, EC3.
Ongoing major leasing instructions include the Canary Wharf estate, Stanhope and Mitsui Fudosan’s 300,000 sq ft Angel Court, EC3, and TH Real Estate’s 60-70 St Mary Axe, EC3.
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