Roxana Stanciulescu, the former head of retail agency at JLL, recently joined Polish-owned Echo Investment as senior leasing manager for the Korona mall project in Brasov (central Romania).
Her departure comes shortly after Radu Boitanu–head of capital markets–left the company, while Lori Collin–the head of the office department–took a position in the management team of real estate company NEPI.
Stanciulescu had been working for JLL since 2007 and was involved in the rental of the AFI Palace Cotroceni mall in Bucharest among other deals. Her duties with the company will be taken over by Carmen Ravon and Andrei Vacaru.
The departures may be due to the still difficult real estate market in Romania, as well as a consequence of JLL’s global merger with King Sturge, which may have resulted in some duplicated positions.
The departures from JLL are linked with the steps taken by a company adjusting to a changing market, in search of boosting profitability. Duplicating positions inside a department is not needed on a market that is depressed where many important activities are done by developers via their in-house teams, said Troy Javaher, who took the reins of the new entity last year.
Jones Lang LaSalle’s revenue rose by almost 100% in 2011 to EUR3.5 million, according to Mediafax information, which put it third among the companies in its business. This year has been difficult for most companies on the market, though.
Another important departure on the real estate consultancy market is Catalina Jigman’s, head of the office department of CBRE.
The real estate consultancy market dominated by international companies or local companies affiliated to global groups such as Colliers, CBRE, Coldwell Banker, DTZ, Cushman & Wakefield, Jones Lang LaSalle and Knight Frank saw a significant decline during the crisis, when the cumulated revenue of these companies fell from about EUR50 million to EUR20 million. The market is not showing any signs of growth now, either.
(English version by Loredana Fratila-Cristescu)