Marcus & Millichap Inc. is expanding its presence on the East Coast by opening a satellite office this fall in Baltimore. The plan fits the firm’s strategy of enlarging its geographic footprint by going into smaller markets outside major metropolitan cities.
The Calabasas-headquartered brokerage has closed 21 deals, valued at $55 million, in the Baltimore area in the past year, it said in a statement. The office will house five current sales agents and 10 additional agents the company is looking to hire by this fall. The brokerage is scouting office space around Baltimore’s Inner Harbor.
Currently, Marcus & Millichap has more than 1,500 brokers in 78 offices nationally. Its stock price has increased nearly 300 percent from its initial public offering in October 2013, giving it a market capitalization of about $1.79 billion.
Shares closed down 63 cents, or 1.3 percent, to $46.89 on the New York Stock Exchange.
Burbank aerospace manufacturer Hydra-Electric Co. has named aerospace industry veteran David Schmidt as chief executive.
Schmidt succeeds Lewis Stanton, who had been serving as interim chief executive since March 2014. Stanton replaced company founder and former Chief Executive Allen V.C. Davis, who retired.
“David brings with him deep industry expertise, a metrics-driven management style and a proven track record of successfully leading aerospace companies,” said Gregory Chiampou, a Hydra-Electric board member, in a statement.
In his most recent role, Schmidt was president of Hartzell Aerospace, which was sold to ITT Corp. in White Plains, N.Y. earlier this year. A 30-year industry veteran, Schmidt has worked for Meggitt PLC and Esterline Technologies Corp., according to Hydra-Electric.
The 65-year-old company makes commercial and military-grade sensors and switches for aircraft, missiles, space-launch platforms, ships, armored vehicles and unmanned vehicles.