Franklin Street Hires Kevin Madden as Managing Director to Expand New York Insurance Brokerage

NEW YORK — Franklin Street has hired Kevin Madden as managing director in its New York office, the firm announced Sept. 22, 2026. Madden, who spent 25 years as Real Estate Industry Leader at Aon, will support Franklin Street's Insurance Brokerage division in New York and across the United States.

Madden's Background and Role at Franklin Street

Madden brings more than 25 years of experience advising commercial real estate clients on insurance strategy, risk management and program structure. At Aon, he worked with institutional owners, private equity firms, real estate lenders and other market participants, with particular expertise in developing master insurance programs for institutional and private equity real estate clients.

His experience includes helping clients evaluate and coordinate portfolio-wide coverage strategies, navigate complex insurance requirements and replace fragmented, property-level approaches with more cohesive insurance solutions. He also brings lender-advisory experience, having consulted with real estate lenders on insurance requirements and participated in industry committees and task forces focused on real estate and insurance issues.

"Franklin Street is a firm I have respected for many years," Madden said. "This firm's dedication to its clients and ability to gain market share in competitive environments stands out within the industry. I am dedicated to furthering Franklin Street's presence in New York and across the country by providing insurance solutions that are strategic, creative, and designed around specific business objectives."

Strategic Significance for Franklin Street's New York Expansion

The hire is the second Franklin Street has made in its New York office. Earlier in 2026, the firm brought on Michael Brivtan as managing director for Hodges Ward Elliott, Franklin Street's national boutique hotel real estate capital markets advisory practice. Together, the appointments indicate Franklin Street is building a New York platform across both insurance brokerage and investment banking and advisory services.

"New York is central to Franklin Street's long-term growth strategy, and Kevin is exactly the kind of high-caliber leader we are bringing into the market," said Blake Starbuck, director of sales at Franklin Street. "He has extensive relationships, proven technical expertise, and an exceptional understanding of the insurance needs of commercial real estate owners and capital providers. Kevin will strengthen our already established Insurance Brokerage platform while expanding the value we deliver to clients in New York and nationwide."

Franklin Street's Insurance Brokerage division provides insurance and risk-management solutions for commercial real estate clients nationwide. Madden joins an established platform with a growing team of insurance professionals focused on serving owners, investors, developers, lenders and operators across a broad range of property types and investment strategies.

Market Context: Why Insurance Expertise Matters Now

Madden's hire comes as New York's office market shows signs of recovery, though conditions remain uneven across building quality and location. The U.S. office vacancy rate fell 30 basis points to 18.3% in the second quarter of 2026, the largest quarterly decline since 2015, while Midtown Manhattan's prime vacancy rate stood at 2.2%. New York City office vacancy is projected to decline for a third consecutive year in 2026.

That recovery does not eliminate risk for owners and lenders. Older buildings may require significant capital expenditures, repositioning or conversion, and lenders must verify that insurance programs remain adequate during construction, redevelopment and changes in tenancy. Insurance is not simply an operating expense for commercial real estate owners — coverage limits, deductibles, exclusions and lender-required policies can affect debt closing, refinancing, acquisition underwriting and net operating income.

Institutional and private equity owners increasingly manage diversified portfolios across multiple markets and property types. Coordinating property, casualty, liability, construction and lender requirements at the portfolio level can improve consistency and help identify gaps that may be missed when policies are arranged separately for each asset — an area where Madden's background in master insurance programs is directly applicable.

Franklin Street's Broader Expansion Strategy

Franklin Street is a privately held, full-service commercial real estate services firm headquartered in Tampa, Florida. Founded in 2006, the firm provides services through its Capital Markets, Insurance Services, Leasing and Management business lines. In recent years, Franklin Street has opened offices in Austin, Dallas and Nashville while adding senior leaders and brokers in Miami, Atlanta, Tampa and across its business lines.

The New York appointments fit that broader expansion strategy. Madden adds senior insurance expertise in a market with a large concentration of institutional owners, private equity investors, lenders and complex commercial assets, while Brivtan strengthens the firm's hotel capital markets advisory capabilities.

Sources:
Franklin Street — Franklin Street Expands New York Office; Names Kevin Madden as Managing Director