Cushman & Wakefield said Wednesday it had appointed Robert Thornburgh, SIOR, CCIM, FRICS as regional president of the Southwest Region, including Southern California, Nevada, Phoenix, Colorado, Utah and Idaho. Based in Los Angeles, Thornburgh will oversee Cushman & Wakefield’s strategic growth of the Southwest, including client service delivery, talent development and recruiting, while developing strong partnerships across the firm’s service lines.

Thornburgh reports to Victoria Malkin, president, Americas Markets for Cushman & Wakefield. “We are thrilled to welcome Robert to Cushman & Wakefield as he takes on this important leadership role,” said Malkin. “His significant experience and expertise of brokerage operations and the fundamentals of our industry combined with his service-oriented approach to clients will help propel our business forward, in the Southwest and across the Americas.”

Before joining Cushman & Wakefield, Thornburgh served as the chief executive of Society of Industrial and Office Realtors (SIOR), the world’s premier organization for industrial and office brokers with more than 4,000 members. While at the helm of SIOR, Thornburgh developed a strategic plan that improved member retention, increased membership and elevated brand recognition throughout the industry. 

“I look forward to this incredible opportunity to lead and further strengthen our deep client relationships throughout the Southwest region, helping investors and occupiers source opportunities in both established and emerging markets,” said Thornburgh. “I am also excited to work more closely and collaborate with Cushman & Wakefield’s highly respected roster of professionals in the Southwest and beyond.”

Multiple groups bid Thursday for the unfinished Oceanwide Plaza mixed-use development in Downtown Los Angeles, which was forced into bankruptcy in February of this year, Connect CRE has learned. An auction is scheduled for mid-September. 

Industry sources familiar with the sale process told Connect that AEG Worldwide was rumored to be the front runner and had gone as far as retaining the project’s original architect. The development site is proximate to AEG’s LA Live and Crypto.com Arena, which have faced strong competition from the Hollywood Park mega-development in nearby Inglewood. However, AEG was not among the bidders who submitted offers on Thursday. 

A key hurdle that any buyer would need to surmount is the question of financing: not so much to acquire the project, but rather to finish construction on it. The project has been appraised as-is at $434 million by Colliers as part of the Oceanwide Plaza bankruptcy proceedings. Completing the three-tower residential, retail and hotel complex could mean spending twice that amount. 

In July, a mystery bidder surfaced who offered to serve as a stalking horse for the upcoming auction. The bidder offered to take control of the property for $500 million if no more compelling bids emerged, according to published reports. It’s not clear whether the stalking-horse bidder is still participating.

Work on the project at 1100-1198 S. Flower St. was halted in 2020 after the project’s developer, China Oceanwide, ran out of funding. The bankruptcy was initiated by creditors who hadn’t been paid for their work, including construction manager Lendlease. 

In May, a Colliers team led by EVP Mark Tarczynski and a Hilco Real Estate team led by EVP Jeffrey Azuse were hired to spearhead the sale and potential completion of Oceanwide Plaza. The project, one of the largest stalled developments in the U.S., made headlines earlier this year when taggers covered much of it with graffiti.