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.
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