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Stern, Michael Sullivan and Noah Fox opened Vertical Real Estate in Miami Beach
Lyle Stern and Bruce Koniver, who founded and ran the commercial real estate firm Koniver Stern for more than 30 years, are going their separate ways.
Each is starting their own brokerage, according to Stern, who started Vertical Real Estate with co-founders Michael Sullivan and Noah Fox, former Koniver Stern executives.
“It happens in law firms, accounting firms. When you’ve been in business for over 30 years, you eventually have to ask yourself, “What’s the next step? What is the next generation of your business?” Stern said. “Sometimes, that involves launching different strategies.”
Koniver Stern officially ended on Jan. 1, according to Stern, who revealed his new company on Wednesday.
Koniver is also launching a new brokerage, Stern said. But the details are not clear. Koniver did not immediately return a request for comment.
Miami Beach-based Vertical Real Estate has opened an office at 1665 Washington Avenue for its 10-person team, according to a press release. In addition to Fox and Sullivan, others from Koniver Stern joining Vertical are Michael Finkle, Kerry Newman, Arthur Shifrin, Robin Weiner, Sara Wolfe and Sam Singer. Riley Whitman also joins Vertical – the only one not previously with Koniver Stern.
Vertical will focus on retail leasing and advise retail developers in South Florida, Stern said. They are also in discussions with potential office clients seeking to relocate to the tri-county area.
The brokerage’s client roster includes tenants Whole Foods, Sweetgreen, Meat Market, Sant Ambroeus, The Salty, The Puttery. and owners 13th Floor Investments, Pebb Capital and Witkoff Group, according to the release. All were former customers of Koniver Stern.
“No one really has a customer. Customers go to those they have a relationship with,” Stern said.
Vertical leases properties that include the Eighteen Sunset office project in Sunset Harbour, The Wynwood Plaza and The Plaza Coral Gables.
Vertical’s Miami Beach office is owned by investor and developer Michael Shvo, who has been buying and proposing office projects in the city. An affiliate of Shvo’s New York-based company paid $4.5 million for the three-story building last year, records show.
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