Eastdil Secured, a real-estate brokerage owned by Wells Fargo & Co., is in advanced talks about a sale of the firm to a buyer group of Guggenheim Investments, a Singapore sovereign-wealth fund and the brokerage firm’s management
Wells Fargo & Co. is in talks with an investor group to sell its Eastdil real-estate brokerage, which has been involved in such high-profile transactions as the 2015 sale of the Waldorf Astoria Hotel in New York City for $1.95 billion. Photo: Mike Segar/Reuters By Craig Karmin and Justin Baer March 29, 2019 10:52 a.m. ET Eastdil Secured, the real-estate brokerage business owned by Wells Fargo & Co.
A deal with the Singapore fund and Guggenheim could provide a big lift for Eastdil, a niche firm that focuses on selling large buildings, mostly in major urban markets. The Singapore fund is expected to help open up new opportunities for Eastdil in Asia, where it has a limited presence. Eastdil would also face fewer regulatory restrictions if it is no longer part of a U.S. bank.
Guggenheim views the potential Eastdil deal as a financial investment, not a business it intends to fold into its operations, people familiar with the matter said.
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