July 6, 2011
By Barbra Murray, Contributing Editor
Courtesy Flickr Creative Commons user SCA Svenska Cellulosa Aktiebolaget
A trend appears to be afoot this year in the commercial real estate services business as yet another merger is executed. Leading Canadian commercial real estate firm Avison Young has acquired Millennium Realty Advisors L.L.C., a top firm in metropolitan Washington, D.C.
Avison Young is extending its reach all over Canada and the U.S., and with the purchase of Millennium, the company significantly increases its foothold in the Washington, D.C. area?s Northern Virginia market. Since its establishment in 1997, Millennium has brokered over $6 billion in transactions. In addition to its expertise and strong client base, the firm brings to the table 6.5 million square feet in current listings. Over the past two and a half years, Avison Young has grown from 11 to 23 offices and from 300 to
more than 750 professionals across Canada and in the U.S.
?With this acquisition, Avison Young has now built one of the leading landlord-representation platforms in the Washington, D.C., region in less than 18 months,? Mark E. Rose , Chair and CEO of Avison Young, said.
Nine Millennium employees will join Avison Young?s existing U.S. Capital Region operations in a move that will combine both Virginia-based offices under one roof.
Expansion seems to be the name of the game in commercial real estate services lately. From major transactions to less high-profile acquisitions, this sector of the real estate industry is in growth mode. Last month, in perhaps the largest such transaction of the year, C-III Capital Partners L.L.C. announced that it will acquire NAI Global in its bid to expand its global offerings through the creation of a fully diversified commercial real estate services company. In May, Jones Lang LaSalle took a big step toward fulfilling its goal of further penetrating the European market with its agreement to merge its EMEA operations with London-based international property consultancy firm King Sturge in a $319 million deal. And Colliers International has been executing transaction after transaction in the pursuit of a more comprehensive footprint in the U.S. Most recently, the firm bought Pittsburgh Commercial Real Estate Inc. and became a leading force in Western Pennsylvania.
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Source: http://www.cpexecutive.com/featuredcontent/avison-young-buys-millennium-realty-advisors/
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