Doug Middleton
Vice Chairman (Honorary Title)

Professional Experience
Associated Office
Mr. Middleton rose up the ranks at Eastdil Secured from Analyst to Director of Investment Sales in less than ten years – a feat indicative of personal determination and key client successes. During his tenure, he was instrumental in the execution of over $45 Billion of transactions across the city. He has led some of the industry’s top real estate transactions including the sale of Worldwide Plaza ($1.725B), 85 Broad ($652M), 1745 Broadway ($633M), 1440 Broadway ($520M), 1180 Avenue of the Americas ($305M), and 470 Park Avenue South ($245M).
Upon graduating from the University of Pennsylvania, Doug was an Associate Director at Fitch Ratings on the CMBS New Deal Team.
*Honorary Title
- Licensed Real Estate Salesperson, New York
- Member of Real Estate Board of New York
- The Wharton School of Business at the University of Pennsylvania, Bachelor of Science in Economics with a concentration in Management
Team Overview
Darcy Stacom, Bill Shanahan and Doug Middleton spearhead New York’s most experienced, prolific and trusted real estate investment advisory team:
- Ability to devise – and execute - creative solutions to the most complex transactions, as five-time winners of the Most Ingenious Deal of the Year awards from REBNY attest
- Direct experience with virtually every asset class – supported by CBRE’s Fortune 500 platform expertise in niche product types like life science / medical office, data centers, senior, student & affordable housing and much more
- Create & source capital for partnerships at the asset & platform levels, recapitalizations, creation & restructuring of ground leases
- Standing apart in the toughest market conditions, they led NYC out of the GFC with 9 out of 10 of the top investment sales in 2010, and the highest transaction volume in COVID-impacted 2020 and 2021
- Unparalleled track record advising and representing families to companies to non-profits with strategic solutions that defend and promote their clients’ interests long beyond the sale date
- Unique research on local and global trends augmented by the CBRE platform – accessible & actionable data supporting the investment process from developing investment theses to providing unique contract language meeting specific needs
- Expert in building capital stacks, actively sourcing not only equity but mezzanine and preferred equity capital with its securities-registered team while working in tandem with CBRE’s industry leading debt platform
- Extensive local / national/ global C-Suite contacts garnered over their collective years of industry experience working with companies, funds, lenders, servicers and government officials among others
The capital markets constantly change, creating an exceptionally demanding real estate environment. Darcy, Bill and Doug respond to these challenges more nimbly and effectively than any of their competitors. With their focus always first and foremost on their clients – large and small – Darcy, Bill and Doug look forward to leveraging their dominant market position on your behalf.
My Team
Proven Ingenuity
CBRE won three Ingenious Deal of the Year awards during the Global Financial Crises and the early years of the recovery.








Select Recent Transactions

- Price: $2,000,000,000
- Client: Oxford & CPPIB
- Investor: Google
- Asset Type: Office

- Price: $1,770,000,000
- Client: Taconic / Jamestown
- Investor: Google
- Asset Type: Office

- Price: $1,033,000,000
- Client: Cove / Baupost
- Investor: CommonWealth Partners
- Asset Type: Office

- Price: $858,500,000
- Client: UBS Realty
- Investor: CalSTRS / Silverstein
- Asset Type: Office

- Price: $76,600,000
- Client: ViacomCBS
- Investor: Harbor Group International
- Asset Type: Office
- Price: $446,500,000
- Client: SL Green
- Investor: Brookfield
- Asset Type: Residential
- Price: $445,000,000
- Client: Oxford Properties / Crown Acquisitions
- Investor: SL Green / Samsung / Menora
- Asset Type: Office
- Price: $415,000,000
- Client: Equity Residential
- Investor: A&E Real Estate / CBRE Investment Management
- Asset Type: Residential

- Price: $300,000,000
- Client: Enterprise Asset Management (Family)
- Investor: Boston Properties
- Asset Type: Office

- Price: $291,000,000
- Client: Nuveen / Norges
- Investor: RFR / Penske Media Corporation ("PMC")
- Asset Type: Office

- Price: $265,650,000
- Client: Equity Residential
- Investor: A&E Real Estate / CBRE Investment Management
- Asset Type: Residential

- Price: $119,000,000
- Client: Innovo Property Group
- Investor: CenterPoint Properties
- Asset Type: Industrial

- Price $106,400,000
- Client: Goldner Family
- Investor: Olnick Organization
- Asset Type: Residential

- Price: $105,500,000
- Client: Traub Capital Partners
- Investor: Morgan Stanley / Metropolitan Realty Associates
- Asset Type: Industrial

- Price: $82,500,000
- Client: Sotheby’s
- Seller: Columbia Property Trust (Pacific Investment Management)
- Asset Type: Office
Forming Joint Ventures

$600 Million (100% valuation)
Client: Taconic Partners / Nuveen Real Estate
Investor: LaSalle / CalSTRS
- Equity Raise for a 400,000 SF Life Science Development
- Speculative development in a still growing industry

- Formation of a Joint Venture between Vornado Realty Trust and Korea Post
- Required protections to ensure KP would never own a majority interest or face capital calls

- 2 part sale of a 49% and 16% interest in a Downtown mega-trophy
- Required a $350M equity check and a separate $114M equity check from 2 different investors

- 40% interest sale in an asset that had been acquired just the year before
- $400M equity check limited the number of potential investors

- Sale of two separate 20% interests requiring $720M in equity
- Limited rights required negotiating with the GP to make changes to the partnership documents
- Existing debt at above market rates limited cash flow in the initial years
Record Setting Transactions

11 Madison Avenue
$2.6 BN

Trinity Portfolio
$3.55BN

30 Rockefeller Plaza
$1.3BN

Helmsley Park Lane Hotel
$600MM, $3,000/FAR

General Motors Building
$2.8 BN

693 Fifth Avenue
$5,440 PRSF

One Wall Street
$585.0 MM

11 Madison Avenue
$2.615 BN

666 Fifth Avenue Retail Building
$708.0 MM

NY by Gehry
$1.05 BN

Stuyvesant Town / Peter Cooper Village
$5.4 BN

76 Eleventh
$870 MM
Additional Significant Assignments
- Trinity Portfolio ($3.55 Billion)
- GM Building (total recap value: $3.4 Billion)
- Chelsea Market ($2.4 Billion)
- 245 Park Avenue ($2.21 Billion)
- Kushner Residential Portfolio (Multi-State) ($1.9 Billion)
- 111 Eighth Avenue ($1.8 Billion)
- Worldwide Plaza (total recap value: $1.725 Billion)
- 11 Times Square ($1.4 Billion)
- One New York Plaza ($1.4 Billion)
- 230 Park Avenue ($1.2 Billion)
- 299 Park Avenue (total recap value: $1.2 Billion)
- Park Avenue Plaza (total recap value: $1.1 Billion)
- Legacy Portfolio (125 West 55th St., 540 Madison Ave., 2 Grand Central Tower) ($1.1 Billion)
- One Madison Avenue ($918.0 Million)
- Financial Square (32 Old Slip) ($751.0 Million)
- Manhattan House ($623.0 Million)
- One Chase Manhattan Plaza ($725.0 Million)
Sourcing New Capital

Family Advisory

- Structured a ground lease at the soon to be vacant former HBO Headquarters
- Delivered a guaranteed cash flow stream plus NOI participation for our client

- Executed a tax efficient sale delivering maximum proceeds via OP-Units
- Asset was delivered vacant upon expiration of a long-term single tenant lease

- Sale of a 60% vacant asset after years of advisory work on tax efficient disposition strategies
- Drove investors to push underwriting despite physical challenges

- Structured a ground lease for a multi-generational family
- Over 100 textile tenants had to be bought out and significant capital invested
- The initial ground rent was equivalent to the then NOI

- Advised on the disposition of non-controlling partnership interested over a period of more than 10 years
- Negotiated the value of their interest in the Empire State Realty Trust IPO
Select Clients
- AIG
- Archdiocese of New York
- AXA
- BlackRock
- Canadian Imperial Bank of Commerce
- Deka Immobilien
- The Durst Organization
- EmblemHealth
- Guardian Life
- Hearst
- Helmsley Estate
- Hines
- Kuwait Investment Authority
- Macklowe Properties
- MetLife
- Moody’s
- Mount Sinai Medical Center
- Nippon Life Insurance Company
- Paramount Group
- Prudential Life Insurance
- The Resnick Organization
- SITQ Immobilien
- SL Green Realty Corporation
- The New York City Economic Development Corporation
- Tishman Speyer Properties