Purchase expands Avison Young's Metropolitan Washington presence;
37 new members added, Donna Kay becomes Principal
TORONTO, March 6, 2012 /CNW/ - Mark E. Rose, Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that it has acquired Realty Management Company, a Bethesda, Maryland-based real estate firm that provides property management, facility management and engineering services.
The purchase further expands Avison Young's market and business line coverage in the Metro Washington area. The change in ownership adds 37 employees to Avison Young's Washington, DC-area operations. Effective immediately Donna B. Kay, President of Realty Management Company, becomes a Principal of Avison Young.
The newest American office marks Avison Young's 11th location outside of Canada, the company's third Metropolitan Washington location, and the next step in the firm's aggressive growth and expansion strategy. Terms of the acquisition were not disclosed.
Over the past three years, Avison Young has grown from 11 to, now, 28 offices in 25 markets and from 300 to more than 900 real estate professionals across Canada and the U.S.
The acquisition will add 2 million square feet to Avison Young's approximately 50 million square feet (msf) of retail, industrial and office properties under management in Canada and the U.S.
"We are pleased to have Donna and her highly regarded team join Avison Young in our rapidly-growing DC Metro Region - a key market for us. Once again, we are adding individuals who are respected for their leadership and who will be tremendous additions to our Principal-led organization," comments Rose. "We are committed to providing our clients with a full range of real estate services, including best-in-class property management. As well, Bethesda is a core business center in Metropolitan Washington and a location from which we can strategically expand Avison Young into Suburban Maryland."
Founded in 1976, Realty Management Company has been owned and operated by Kay since 1988, at which time she transitioned the company to a successful third-party property management model. Today, the company has more than 2 million square feet under management, including properties in the District of Columbia, Suburban Maryland and Northern Virginia markets. Property types under management run the gamut from private estates to embassies to commercial office and medical buildings.
Effective immediately, Avison Young will assume the management of various properties owned by: Inova Health System; Sentara Potomac Hospital; 1430 K Street Condominium Association; Johns Hopkins Healthcare/Suburban Hospital; Laurel Hill Site Center, LLC; Lindsay Enterprises; John and Asa Swart; NexCore Group, LP; Sibley Memorial Hospital; Lorton Professional Center Association; and Rock Creek Property Group.
"We are very excited to have this talented group join Avison Young as we continue to build our business in the National Capital Region," says Earl Webb, Avison Young's President, U.S. Operations. "Donna and her team have an excellent track record of superior client service and a collaborative culture - both of which are consistent with our approach here at Avison Young."
Avison Young opened its first Washington, DC office in January 2010 when industry leader Keith Lipton joined as a Principal to help launch the company's brokerage business in Metropolitan Washington. Since that time, Lipton has spearheaded the acquisitions of Appian Realty Advisors, LLC, Millennium Realty Advisors, LLC and, now, Realty Management Company, and has recruited several respected brokerage teams to solidify Avison Young's presence in the region.
"I am thrilled to have such a complementary addition to the Washington region. Our depth in the market has just dramatically increased with the addition of Donna and her team," notes Lipton, Managing Director of the Washington Region. "We now have the ability to provide agency leasing, tenant representation, project management, government services, investment sales and property management to all types of clients in the region. The addition of this team further demonstrates Avison Young's commitment to serving our clients and building the company's local presence."
Effective immediately, Realty Management Company's current office at 6430 Rockledge Drive in Bethesda will be re-branded as Avison Young.
"What attracted me to Avison Young is its dynamic growth over the last few years despite strong global economic headwinds," says Kay. "Moreover, I was impressed with the company's strategic hiring of the best and brightest people across the U.S. - and certainly in the Washington, DC region - during the last two years. Avison Young's Principal-led business model and high standards of professionalism are in line with the type of company and culture I want to be associated with."
Kay brings to Avison Young 24 years of commercial and medical property management experience, including operational responsibility of Realty Management Company for 20 years. She also has extensive experience in leasing, development construction, and project maintenance. She holds a Bachelor of Science degree from Tulane University, New Orleans and is a member of the State of Maryland Women Owned Businesses.
Today's acquisition comes on the heels of Avison Young's recruitment of the esteemed Bruce McNair-Bill Morris team in Washington, DC in February 2012, and the opening of a new Reno, Nevada office yesterday.
Last month, Avison Young was named a winner of Canada's 50 Best Managed Companies program for 2011, sponsored by Deloitte, CIBC, National Post and Queen's School of Business.
Founded in 1978, Avison Young is Canada's largest independently-owned commercial real estate services company. Headquartered in Toronto, Ontario, Avison Young is also the largest Canadian-owned, principal-managed commercial real estate brokerage firm in North America. Comprising more than 900 real estate professionals in 28 offices across Canada and the U.S., the full-service commercial real estate company provides value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-residential properties.
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For further information:
For further information/comment/photos:
Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959
Mark Rose, Chair and CEO, Avison Young: (416) 673-4028
Earl Webb, President, U.S. Operations, Avison Young: (312) 957-7610
Keith Lipton, Principal, Avison Young: (202) 266-8763; cell: (703) 338-9515
Donna B. Kay, Principal, Avison Young: (301) 657-8386
Avison Young's new Bethesda, MD office: 6430 Rockledge Drive, Suite 400, Bethesda, MD , 20817
Avison Young is a winner of Canada's 50 Best Managed Companies program for 2011, sponsored by Deloitte, CIBC, National Post and Queen's School of Business
Follow Avison Young Bloggers: http://blog.avisonyoung.com