Chinatown Office Portfolio Sold for $95.5M

Dadourian Management, a wholly owned subsidiary of Dadourian Export Corporation, sold three office buildings in Manhattan's Chinatown neighborhood in two all-cash transactions with an aggregate value of $95,500,000. George Comfort & Sons, Inc., with ASB Real Estate Investments, purchased 164-168 Canal Street in an all-cash transaction valued at $61,900,000, or roughly $1,239 per square foot. The Oved Group purchased 40-42 Elizabeth St. and 159-165 Canal St. for $33.6 million, equating to approximately $1,142 per square foot, according to a CoStar Group report.

"These three excellent properties are situated on busy corners of a street and in a neighborhood that is really taking off. Having three buildings available at the same intersection generated a ton of initial interest, with investors and developers looking both at buying the properties individually and as a package," said Massey Knakal CEO Paul Massey, Jr., who exclusively handled these transactions with Robert Burton and Nick Petkoff. "Ultimately, we wound up in competitive bidding situations and sold 159-165 Canal Street and 40-42 Elizabeth Street as a package, and 164-168 Canal Street separately. The family that sold the buildings had the security of knowing that they had reached out to the entire market and that they were getting the highest prices and best terms available," Paul added.

164-168 Canal Street is a six-story building that contains approximately 49,950 square feet and is currently 70% leased by credit tenants Citibank and NY Life & Co. 40-42 Elizabeth Street is a five-story renovated office building containing approximately 24,425 square feet, with two ground floor retail stores with 16 office units above, and the basement is used for storage and mechanicals for the building. 159-165 Canal Street is a two-story building containing approximately 5,000 square feet on a 100.17' x 25' lot. It consists of six ground floor retail tenants anchored by First Republic Bank, with office tenants above.

For more news and information visit Blumberg Capital Partners.

CCIT Acquires $202M of Net Lease Office Properties

Cole Capital, the private capital management business of Cole Real Estate Investments, Inc., announced that it had acquired five single-tenant corporate properties by Cole Corporate Income Trust, Inc. (CCIT) for a combined price of approximately $202.1 million. The properties include facilities in San Jose, Colorado Springs, St. Louis and Houston and are now part of Cole's office portfolio, which consists of 63 wholly owned properties located in 25 states, totaling approximately 11.6 million square feet with an aggregate purchase price of approximately $1.7 billion.

"These latest acquisitions are consistent with CCIT's strategy of securing mission-critical properties nationwide that are essential for corporate operations," says Thomas W. Roberts, EVP and head of real estate investments at Cole Real Estate Investments, Inc. in a GlobeSt.com article. "These 'necessity' properties boast credit-quality tenants, long-term leases, valuable rent increases and varied industries, while providing geographic diversification to the expanding CCIT portfolio."

The new acquisitions include:

LATTICE SEMICONDUCTOR CORPORATION – San Jose, CA MSA
CCIT acquired a 98,874-square-foot two-story, Class A office building leased to Lattice Semiconductor Corporation. The facility serves as a development center and product design facility for Lattice, and activities at the property include research and development, as well as prototype product manufacturing and testing. There are approximately 12.9 years remaining on the initial lease term, plus a renewal option.

FEDEX CORPORATE SERVICES – Colorado Springs, CO MSA
CCIT acquired a 155,508-square-foot three-story, Class A office building leased to FedEx Corporate Services, Inc., with a guaranty from FedEx Corporation. The property is the primary facility used by FedEx for the development and programming of various technologies that the company uses to route and track its delivery services. The lease has approximately 11.0 years remaining, plus renewal options.

SERVICENOW – San Jose, CA MSA
CCIT acquired a 148,866-square-foot three-building office complex leased to ServiceNow, Inc., a leading provider of cloud-based services that automate enterprise IT operations. The property serves as an operations facility for ServiceNow with an emphasis on research and development, as well as corporate functions. There are approximately 10.4 years remaining on the initial lease term, plus renewal options.

MAGELLAN HEALTH SERVICES – St. Louis, MO MSA
CCIT acquired a 232,521-square-foot three-story, Class A office building leased to Magellan Health Services, Inc. Magellan uses the property as a national technology, administrative and customer care center, and it is the main corporate location for the entire company's marketing, printing, production and mail operations. There are approximately 11.2 years remaining on the initial lease term, plus a renewal option.

TGS-NOPEC GEOPHYSICAL COMPANY – Houston, TX MSA
CCIT acquired a 97,295-square-foot three-story, Class A office building leased to TGS-NOPEC Geophysical Company. TGS-NOPEC Geophysical Company is a geophysical mapping company serving the oil and gas exploration and production industries. The property serves as TGS-NOPEC's headquarters for U.S. operations, as well as the home office for the global CEO. The lease has approximately 11.9 years remaining, plus renewal options.

For more news and information visit Blumberg Capital Partners.

Parmenter Realty Partners Buys The Tower at Cityplace

Miami-based Parmenter Realty Partners announced this week that it had purchased The Tower at Cityplace in Dallas, Texas, marking the company's tenth investment in Parmenter Realty Fund IV. While the final purchase price was not disclosed, HFF, which sold the building on behalf of the owner, Dallas-based CPT Fee Owner LP, announced that it has arranged $100 million in financing for the property through GE Capital Real Estate, the proceeds of which were used to acquire the asset with a future funding component for leasing and capital expenditures. According to a Dallas Morning News report, real estate brokers speculate that the building went for more than $135 million.

"We are pleased to add The Tower at Cityplace to our Parmenter Realty Fund IV portfolio," said Darryl Parmenter, Chairman and CEO of Parmenter Realty Partners. "This iconic building was built with the highest design quality and standards and is the perfect asset to round up Fund IV before we launch our Parmenter Realty Fund V in January 2014."

The 1.3 million-square-foot office tower was originally built in 1988 less than a mile north of downtown Dallas and the Arts District. As part of the purchase, Parmenter Realty Partners plans to develop 600,000 square feet of restaurants, shops and residential space surrounding the 42-story office and retail tower at 2711 N. Haskell Avenue. Parmenter said it also plans to implement a comprehensive capital improvement program consisting of the renovation of the building's common areas as well as completing other capital projects to enhance the property's trophy stature.

"Uptown's vacancy rate currently stands at 11 percent and is projected to be single digit by the end of the year," said Spence Sowa, Senior Vice President of Acquisitions at Parmenter Realty Partners. "With limited new construction in the surrounding submarkets and an increasing demand for a live-work-play environment, The Tower at Cityplace is strategically positioned to take advantage of the growing market trend."

For more news and information visit Blumberg Capital Partners.

Credit Suisse Group Buys Adam Grant Building for $105M

Jones Lang LaSalle Capital Markets announced this week that it had facilitated the sale of the Adam Grant Building in San Francisco on behalf of Seagate Properties. Credit Suisse Group shelled out about $105 million for the Adam Grant building at 114 Sansome Street, a transaction that valued the historic property for more than $560 a square foot, according to real estate sources, reported the San Francisco Business Times. Terms of the deal were not disclosed, but public records show that Seagate Properties paid $67 million for the property in 2007.

"The Adam Grant Building is a one of San Francisco's premier landmark office buildings, and it offers the desirable combination of strong income stream security and significant upside potential," said Michel Seifer, Managing Director at Jones Lang LaSalle.

Originally built in 1908 and expanded in 1926, the Adam Grant Building is a 180,000 square-foot office building located in the center of the San Francisco financial district. It is recognized by San Francisco's Historic Preservation Commission as a Category I historically significant building, which is defined as a structure with great individual importance and excellent architectural design. The property has also received an "A" rating from the Foundation for San Francisco's Architectural Heritage, recognizing it as one of the most important buildings in the city.

For more news and information visit Blumberg Capital Partners.

Discovery Corporate Center Building Sold for $36.5M

Drawbridge Realty Trust, a San Francisco-based real estate investment and development company, announced that it had acquired the Discovery Corporate Center Building A in San Diego, California for $36.5 million. Menlo Equities sold the property, originally developed by Bernardo Technology Partners, which was formed in June 2004 to develop, own and operate a 242,526‑square‑foot office technology campus built in two phases. Terms of the deal were not disclosed.

"Building A is the third building we've acquired in the Discovery Corporate Center campus," said Mark Whiting, CEO of Drawbridge Realty Trust. "It's the flagship property on the campus, and serves as Broadcom's regional headquarters."

Adjacent to Rancho Bernardo Road and the I-15 freeway, Building A at 16340 West Bernardo Drive is a three-story Class A office building with 90,610 square feet of space on just over four acres. The property was 100% leased at the time of sale to Broadcom Corporation.

For more news and information visit Blumberg Capital Partners.

Square Mile Sells Spring Garden Tower for $184.5M

Square Mile Capital Management, a New York-based diversified real estate investment firm, completed the sale this week of the office tower at 1500 Spring Garden St. in Philadelphia, PA for $184.5 million, or about $171 per square foot. According to a CoStar report, a joint venture of The Nightingale Group LLC and Carlton Associates, Inc. purchased the building, which was put up for sale this summer. Jones Lang LaSalle arranged the transaction with the buyers handling the sale in-house, the terms of which were not disclosed.

1500 Spring Garden Street, also known as the SmithKline Beecham Headquarters Building, was originally built in 1947 and underwent renovations in 2002 to accommodate offices, operations centers and a major television studio with master planning from Bruce E. Brooks & Associates. The 12-story, 1.08 million-square-foot, 4-Star office tower was reportedly 90% leased at the time of sale with major tenants including Sungard Availability Services, Thomson Reuters, Independence Blue Cross, Day & Zimmermann, and CBS Broadcasting.

For more news and information visit Blumberg Capital Partners.

Bixby Developing Gen2, New OC Creative Office Space

Bixby Land Company, an Irvine, CA-based privately-held REIT, has begun developing a new project in Orange County to redesign office space at a two-story office building at 18231 West McDurmott in Irvine. Bixby has engaged the architect firm LPA to help create a contemporary work environment, dubbed Gen2, to accommodate three tenants of approximately 15,000 square feet each when completed by the middle of next year. Bixby purchased the 45.6k square-foot property earlier this week for an undisclosed sum.

"The redesign of this building will provide a compelling niche for tenants seeking creative space in the airport area," said Bill Halford, president and CEO of Bixby Land Company. "There is a great deal of demand for creative office space that has not been met in the local market."

Gen2 will feature natural and sustainable materials, dramatic entry points with horizontal wood elements and the signature Bixby Retreat™, an outdoor gathering area that serves as a natural extension of the collaborative interior spaces.

"We have been able to create an exciting, progressive environment by incorporating a new outdoor deck that is easily accessed from the tenant space," said Dan Heinfeld, president of LPA. "By adding a series of folding doors that open to the deck we have created a true indoor outdoor connection that takes full advantage of Southern California's temperate climate. The seamless connection to the exterior will give tenants a variety of ways to connect with the outdoors," added Heinfeld.

For more news and information visit Blumberg Capital Partners.

Tryperion Partners Buys St. Louis Portfolio

The suburban St. Louis headquarters of Energizer Holdings and Panera Bread were among six properties acquired by Tryperion Partners in a St. Louis suburban office portfolio purchase announced this week. While the transaction amounts and terms of the deals were not disclosed, Tryperion did reveal that the acquisition was completed in two separate transactions – two buildings totaling 252,000 square feet in the prominent Maryville Centre office campus in Town and Country were acquired with financing from John Hancock Life Insurance Company, and four buildings totaling 385,000 square feet in Sunset Hills and Maryland Heights were acquired with financing from Wells Fargo. CBRE has been engaged to manage the portfolio, with Tom Ray and Art Kerckhoff of CBRE selected as listing agents for the Maryville assets, and Jay Holland and Piers Pritchard of Cassidy Turley for the Sunset Hills and Maryland Heights assets.

"We are excited about this move into St. Louis. This acquisition fits our strategy of investing in cash flowing assets in secondary markets with strong fundamentals," said Tryperion partner Eliot Bencuya of the acquisition. "The caliber of tenants, and the investments they have made in their headquarters locations, is an affirmation of the quality of this portfolio."

According to a St. Louis Post-Dispatch article, Tryperion acquired the properties through its Tryperion RE Fund 1 LP, a $50 million fully discretionary commingled fund closed in May. The portfolio was over 90% leased at the time of sale, with long-term leases including the national headquarters for Energizer Holdings and Panera Bread, and regional headquarters for Equifax and New Balance.

For more news and information visit Blumberg Capital Partners.

Eight El Camino Real Corridor Redevelopment Sites Sold

Marcus & Millichap Real Estate Investment Services announced this week that it had facilitated the sale of eight key Silicon Valley redevelopment sites along the El Camino Real corridor in separate transactions for a total of $71.1 million. Last month, the company arranged the $12.35 million sale of a 2.5-acre redevelopment site located at 302 North Fair Oaks Ave., 318 North Fair Oaks Ave., 617 Arques Ave. and 627 Arques Ave. in Sunnyvale, California. Since March 2012, Marcus & Millichap Real Estate Investment Services has facilitated the sale of six additional El Camino Real corridor properties totaling $43.9 million. In August, they arranged the sale of a 1.6-acre parcel at 881 East El Camino Real and a 0.6-acre parcel at 865 East El Camino Real in Mountain View, California.

"The employment gains and flow of venture capital dollars that returned in earnest to Silicon Valley in 2010 created a strong combination of factors that brought about double-digit multifamily rent growth, robust demand for office space and contributed to the ongoing recovery in the hotel sector," says Steve Seligman, vice president and regional manager of Marcus & Millichap's Palo Alto office. "This growth also initiated a flurry of construction in the region and investors continue to pursue development opportunities in the area's under-utilized locations."

"Marcus & Millichap's Palo Alto office is closely acquainted with this submarket and two of our senior investment specialists, Kirk Trammell and J.J. Taughinbaugh, have been particularly successful in identifying redevelopment project sites for clients," added Seligman.

For more news and information visit Blumberg Capital Partners.

ASB Acquires Manhattan Mixed Use Property for $61.9M

ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, announced this week that it had acquired 164-168 Canal Street in Manhattan on behalf of ASB's Allegiance Fund in a joint venture with George Comfort & Sons for $61.9 million. The six-story mixed use building first came to market in August, being marketed by Massey Knakal Realty Services with an asking price of $63 million. Terms of the deal were not disclosed.

Robert Bellinger, President and CEO of ASB Real Estate Investments, said: "This is a high-quality asset in a premier, Class A+, Manhattan retail location. Driven by the growth in Chinese wealth, this area of Canal Street has emerged as a thriving bank corridor and we expect the property to continue to experience strong investment grade tenancy that provides a steady income stream."

The 49,951 square-foot red brick building was originally constructed in 1910 at the corner of Canal and Elizabeth Streets. Nearly all of the current leases in the building are set to expire by the end of the year, with roughly 70% of the property occupied by credit tenants, including CitiBank and NY Life & Co.

For more news and information visit Blumberg Capital Partners.

Carlson Sells AZ Portfolio for $52.6M

Newport Beach, California-based Buchanan Street Partners announced this week that it had purchased a 446,000-square-foot portfolio from Carlson Real Estate Company for $52.6 million, or $118 per square-foot. Buchannan purchased the 10-building portfolio in four separate sale transactions which were represented by Eastdil Secured.

Carlson, which is affiliated with the family-owned Carlson Cos., announced in early 2012 it was planning to shed some of its 5.5 million square feet of commercial real estate holdings as part of a plan to move Carlson family wealth to new generations. The properties in this portfolio were 74% leased at the time of sale, and includes a mix of office, industrial, office flex and retail properties, eight of which are located in the Cotton Center, one of the most desirable master-planned business parks in Phoenix.

"Cotton Center provides tenants with abundant amenities, a central location and high-quality buildings," said Brian Payne, vice president at Buchanan Street Partners. "This is another example of Buchanan Streets' ability to identify investment opportunities and close in a timely fashion."

For more news and information visit Blumberg Capital Partners.

Twitter Adds to Sunnyvale Space

Twitter, the San Francisco micro-blogging social network, announced this week that it was expanding its office space with the lease of an additional 10,000 square feet at Sunnyvale Business Park, at 400 West California Ave. The company first established its presence at Sunnyvale in May of this year with the lease of 8,000 square feet of space, along with the commitment from property owner Principal Real Estate Investors to construct a 107,000-square-foot office building next to the existing building for additional Twitter space.

Dave Sandlin, a Colliers International senior vice president who represents Twitter's Sunnyvale property, said some San Francisco tech companies are realizing they need to have a presence further south. After all, while the city might be the hot talent market right now, the greater San Jose metro area also carries some advantages. "If you look at the housing situation in San Francisco, trying to put all your workers up there is very difficult, " said Sandlin.

The emphasis on San Francisco signifies how Silicon Valley, an area extending south from just below San Francisco to San Jose, California, no longer has a grip on technology companies, as reported by a New York Times article this month. About 18 months ago, tech companies started moving or expanding here to be closer to their employees. According to reports, Twitter is looking to add 320,000 square feet to its footprint in San Francisco, bringing its total to about 600,000 square feet.

For more news and information visit Blumberg Capital Partners.

Kaneohe Ranch Selling Hawaii CRE Portfolio for $262M

Alexander & Baldwin Inc. has entered into an agreement to purchase Kaneohe Ranch's Hawaii commercial real estate portfolio for $262 million in a deal expected to close by the end of the year, according to a petition filed by a beneficiary seeking to postpone a vote on the sale scheduled for next week, as reported by a Pacific Business Times article.

Kaneohe Ranch Co. LLC and the Harold K.L. Castle Foundation put the entire Kaneohe Ranch commercial real estate portfolio in a listing with Eastdil Secured, which includes the town center in Kailua in Windward Oahu, on the market in May of this year. The Hawaii portfolio also includes the land beneath the Windward City Shopping Center and Servco Windward Toyota in Kaneohe, and three properties in Honolulu. The portfolio was being marketed in its entirety, or as two geographic sub-portfolios.

The Mainland portfolio, which is reportedly not included in the sale, includes five leased fee land interests, three single-tenant retail and office assets and one multifamily asset located in San Francisco, Seattle, Miami, Dallas, Phoenix and Portland, Ore. Tenants in those properties include Lowe's in San Jose, Calif., a Kohl's department store in Phoenix, the Miami Marriott Biscayne Bay and the U.S. government.

For more news and information visit Blumberg Capital Partners.

Pomfret Buys Pleasanton Building for $6.5M

Pomfret Estates Inc. finalized its purchase this week of a 23,076-square-foot medical office building in Pleasanton, California for $6,550,000, or $282 per square foot. Pleasanton-based Bernal Associates sold the building with representation from Ian Thomas, senior vice president of Colliers International, while Pomfret was represented by Transwestern Managing Director Ed Del Beccaro. Terms of the deal were not disclosed.

The medical services building at 5000 Pleasanton Avenue was originally listed for sale in April 2013 and marketed by Colliers. Built in 1999, the building offers approximately 3,556 rentable square feet on the ground floor, along with building signage opportunities and an excellent central location near Amtrak, Highways 580 and 680 and downtown Pleasanton. Del Beccaro and Transwestern Vice President Sonny O'Drobinak have also been retained to lease the two-story medical office.

For more news and information visit Blumberg Capital Partners.

Griffin Capital Picks Up $521.5M Office Portfolio

El Segundo, CA-based Griffin Capital Corporation, on behalf of Griffin Capital Essential Asset REIT, Inc., announced this week that it had acquired an 18 building office portfolio for $521.5 million, bringing the REIT to over $1.3 billion in total capitalization. Griffin Capital purchased the portfolio from Atlanta-based Columbia Property Trust, which was represented by CBRE, while Barclays served as financial advisor for Griffin Capital. Financing for the acquisition was provided by a $300 million term loan led by Key Bank, of which $282 million was initially drawn and the remaining $18 million held back for future specific releasing costs.

"We have been very proactive in repositioning our portfolio with a focused market strategy to invest in premier office properties in growing markets with solid fundamentals," said Nelson Mills, President, Chief Executive Officer, and Director of Columbia Property Trust. "This transaction substantially increases our concentration in our top 10 markets, reduces our exposure to suburban markets and raises our percentage of multi-tenant properties.

The portfolio includes the following assets:

ATLANTA: 2500 Windy Ridge, 4100, 4200 & 4300 Wildwood
CINCINNATI: 4241 Irwin Simpson Road and 8990 Duke Boulevard
COLUMBUS: Chase Center Columbus and Sterling Commerce Center I and IV
DALLAS: 4300 Centreway Place and One MacArthur Ridge
DETROIT: 333 & 777 Republic Drive
INDIANAPOLIS: College Park Plaza
MILWAUKEE: 11200 W. Parkland Ave.
NASHVILLE: One Century Place
NEW JERSEY: Eagle Rock Executive Office Center IV
PHILADELPHIA: 1200 Morris Drive
SEATTLE: 15815 25th Avenue West and 16201 25th Avenue West
ST. LOUIS: 13655 Riverport Drive

Major tenants include Coca Cola Refreshments USA, General Electric Company, IBM, JP Morgan Chase, Aetna Life Insurance Company, Comcast Corporation, WellPoint and Wells Fargo Bank. Griffin Capital's chief investment officer Michael Escalante said the strategy behind the Essential Asset REIT is to own properties that serve as "essential assets" for the tenant, such as national and regional headquarters buildings, primary research & development facilities, and key business servicing centers, according to a CoStar report.

"With over 80% of the rents paid by investment grade-rated companies or corporate guarantors, and the vast majority of the buildings leased to iconic, blue chip1 tenants, this is an ideal fit for Essential Asset REIT," said Kevin Shields, Griffin Capital's Chairman and Chief Executive Officer in a statement. "With this transaction, this REIT almost doubles in size, but far more important is the high quality assets and increased diversification this portfolio provides. Essential Asset REIT now includes tenants representing 33% of the DOW 30."

For more news and information visit Blumberg Capital Partners.

NAIOP Report on Commercial Real Estate's Economic Contributions to the Economy

The NAIOP Research Foundation has released its report on How Office, Industrial and Retail Development and Construction Contributed to the U.S. Economy in 2012 which shows that commercial real estate is on the rise. The report quantifies the economic impact of new commercial real estate development and construction in the U.S. and states for 2012, including jobs created, income generated, GDP and the effect of multipliers. According to the report, development and construction of new commercial real estate – office, industrial and retail buildings – continued its climb in 2012, supporting approximately 2.3 million American jobs and contributing $303.4 billion to the nation’s economy, marking the second year that the sector posted gains since 2007.

Some key hilights from the report include:

• Commercial real estate alone supported at least 2.3 million American jobs in 2012
• Commercial real estate contributed $303.4 billion to U.S. GDP, a 16% increase from 2011
• Construction and development spending grows nearly 10% from 2011
• 307.5 million square feet built in 2012, a 29% increase from 2011

This video produced by the NAIOP Research Foundation further explains how commercial real estate development positively impacts the economy.

For more news and information visit Blumberg Capital Partners.

Westport Capital Affiliate Buys Corporate Plaza

Corporate Plaza, a highly recognizable office development within the St. Louis West County submarket, traded hands this month as Invesco Real Estate sold the property to an affiliate of Westport Capital Partners for an undisclosed price. Transwestern's Chicago office brokered the deal on behalf of Invesco with representation from Gary Nussbaum, Thomas Gorman, and David Matheis. Westport Capital Partners represented itself in the transaction.

"We are thrilled to have completed this acquisition," said Sean Armstrong, a principal of Westport. "Mercy plays a vital role in providing healthcare to more than three million people annually. We look forward to supporting its mission as its landlord."

"There was significant interest in the property due to the credit of the anchor tenant and the location in the Highway 40/West County office market, which is highly sought after by investors," said Gary Nussbaum, managing director of Transwestern.

The 210,409 square-foot, five-story office building at 14528 S. Outer 40 in Chesterfield, Missouri was 98% leased at the time of sale, with the not-for-profit healcare provider Mercy occuping 89% of the property, according to a Sacramento Bee article.

For more news and information visit Blumberg Capital Partners.

Toronto's Avison Young Acquires McShea & Company

McShea & Company, a full-service real estate services company founded in 1983 and operating throughout the Washington metropolitan area, has been acquired by Avison Young, a a Toronto-based commercial real estate firm seeking to expand its presence in the region. The change in ownership adds 150 employees to Avison Young's Suburban Maryland operations, and makes Avison one of the largest real estate firms in Suburban Maryland and the Washington Metropolitan Area. According to a Washington Business Journal article, Avison Young has been seeking to beef up its D.C. presence for past few years through a mixture of acquisition and recruitment, hiring former Grubb & Ellis Managing Director Keith Lipton in 2009 to help it open a new office in the District.

The acquisition means that McShea & Company founders Tim McShea and Jack McShea, along with Len Mongeon, Laurie Craft, Steve Lynch and Bob Dickman become Principals of Avison Young. Tim McShea and Mongeon also become Co-Managing Directors of the Suburban Maryland office and will manage the day-to-day operations of the office and service new and existing clients. Craft also becomes Director of Commercial Property Management, and Lynch becomes Director of Residential Management. Jack McShea's and Dickman's responsibilities will include client relations, new business development and brokerage transactions.

"We are very excited about the acquisition of McShea & Company, Inc. The acquisition of this highly regarded company represents the next step in our expansion strategy and will serve to create a deeper local presence in our rapidly growing DC Metro Region," Avison Young CEO Mark Rose said. "Tim, Jack, Len and the whole organization have a collaborative culture consistent with Avison Young's philosophy; our firms are an excellent fit culturally. Moreover, this acquisition is another example of a highly regarded independent firm that was heavily pursued by others, but recognized Avison Young's culture and structure as the right home for their clients and employees."

"We are thrilled to be joining a firm that places such a strong emphasis on being client-centric and culture-driven, and I am confident that our team's industry relationships and experience will support the company's growth objectives in the Washington, DC area," added Jack McShea. "We are looking forward to our new venture and working in this expanded platform with like-minded individuals."

For more news and information visit Blumberg Capital Partners.