Purchase strengthens Avison Young's business-line coverage in Washington, DC region, adds 8 msf under management
TORONTO, Nov. 4, 2013 /PRNewswire/ - Mark E. Rose, Chair and CEO of Avison Young, the world's fastest-growing commercial real estate services firm, announced today that it has acquired McShea & Company, Inc., a full-service real estate services company based in Gaithersburg, Maryland.
The purchase further expands Avison Young's business-line coverage in the Washington, DC region. The change in ownership adds 150 employees to Avison Young's Suburban Maryland operations.
As a result of the acquisition, Avison Young becomes one of the largest real estate firms in Suburban Maryland and the Washington Metropolitan Area, as the company's presence in the region grows to more than 250 staff members. In addition, Avison Young's agency leasing practice increases to approximately 30 million square feet (msf) in the region, and properties under management in the region expand to 10 msf.
Effective immediately, 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," comments Rose. "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."
Rose continues: "This acquisition also solidifies our foothold in the Suburban Maryland market in the DC Metro Region. Our market depth and our ability to serve our clients has just noticeably expanded and, importantly, McShea & Company brings a full complement of real estate services to our existing robust platform. The leadership at McShea will be tremendous additions to our Principal-led organization."
Founded in 1983, McShea & Company, Inc. serves the DC Metro Region with comprehensive commercial leasing, property management, development services, consulting and advisory services, feasibility analysis and due diligence and lease administration. The company is among the largest privately held real estate services firms in the Maryland suburbs and was founded by brothers Tim and Jack McShea and their father, Jack McShea Sr., who started the company more than 30 years ago in a basement office. Today, McShea & Company's team of 150 employees, including six partners, manages the assets of national institutional investors and some of the largest employers in the Metro Region.
"This acquisition demonstrates our commitment to serving our clients and our strategy of attracting the best our industry has to offer," states Earl Webb, Avison Young's President, U.S. Operations. "We will continue to seek out companies and market leaders to grow our U.S. footprint and deliver the highest level of advisory services to our clients. This acquisition serves as another step in our aggressive expansion program and positions us well in the U.S. Capital Region in advance of overseas growth."
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 Realty Management Company, and has recruited several respected brokerage teams to solidify Avison Young's presence in the region.
"I am very pleased to welcome a group of this caliber to Avison Young," notes Lipton. "This team of seasoned professionals further expands our geographic coverage in the region. Having known Tim, Jack and Len for several years, and working closely with them as we approached the acquisition, I'm extremely confident that they are well-suited for Avison Young's collaborative culture and that they will continue to deliver superior results on behalf of our clients. This acquisition was key to the strategic growth plan for Avison Young's Washington platform."
According to Tim McShea: "Over the course of the past 30 years, McShea & Company, Inc. has built the largest and most recognized commercial real estate brand in Suburban Maryland. Today, with the merger of our company with Avison Young, we can now service our clients locally as well as nationally and internationally. We look forward to this exciting new chapter in our history."
Adds Jack McShea: "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. We are looking forward to our new venture and working in this expanded platform with like-minded individuals."
Today's announcement comes on the heels of Avison Young acquiring Dallas-based Dillon Corporate Services/Cresa Dallas and Tampa, FL-based Lane Witherspoon & Carswell Commercial Real Estate Advisors, and Avison Young opening new offices in Tampa FL, Greenville SC, and Philadelphia in the past two months.
Active in the Washington, DC real estate community for 30 years, Tim McShea was most recently a co-founder, Chairman and CEO of McShea & Company, Inc. where he oversaw the day-to-day operations of the company and corporate growth strategies, while staying involved in transactions and building client relationships. He is currently a member of the Washington/Baltimore Chapter of the World Presidents Organization (WPO) and on the Board of Directors of the Shepherd University Foundation.
John (Jack) McShea
Jack McShea was most recently a co-founder, President and CEO of McShea & Company, Inc. and has been active in the Washington, DC real estate community for 30 years. During his career, McShea has completed some of the region's largest lease transactions, including Bechtel Power Corporation's 450,000-sf campus, Sodexo's 190,000-sf lease, Banner Life Company's 125,000-sf build-to-suit, and a 285,000-sf build-to-suit for Marriott. He has also represented a national pension advisor in the acquisition of more than 4 msf of office space in Maryland. McShea is the immediate past Chairman of the Board of Holy Cross Hospital in Silver Spring, MD and current Chairman of the Board of the Holy Cross Hospital Foundation. Past civic activities include serving as a Board member for the Washington Chapter of the Cystic Fibrosis Foundation, The Frederick County YMCA and the Frederick County Private Industry Council. He holds a Bachelor of Arts in history from Loyola University of Chicago.
Prior to joining Avison Young, Len Mongeon served as CFO and COO of McShea & Company, Inc., which he joined in 1986. He was also a member of the Board of Directors. During his tenure with the company, Mongeon was responsible for several notable leasing and sale transactions, including the representation of Digex, Inc. in the leasing of 350,000 sf and the sale of the 133-acre Airpark North Business Center in 2004, for which he was awarded the National Association of Industrial Office Parks Deal of the Year and the Washington Business Journal Land Sale of the Year awards. During his career, Mongeon has been actively engaged as a principal in the acquisition and development of projects valued at approximately $500 million. Prior to joining McShea & Company, Inc., he practiced as a Certified Public Accountant for seven years with Price Waterhouse & Co. and M.B. Hariton and Company. Mongeon holds a degree in finance from the University of Notre Dame.
Laurie Craft brings to Avison Young 30 years of experience in the field of commercial property management. She was most recently President of McShea Management, Inc. and also a member of McShea & Company, Inc.'s Board of Directors. Craft oversaw the day-to-day operations of the commercial property management company which provided a full range of property management services, including lease administration and accounting, construction management, and engineering maintenance. Prior to joining McShea & Company in 1986, Craft was Director of Real Estate Services for a major Washington area developer. She is a Certified Property Manager and is a recipient of the prestigious Leo David Award given by Chapter 8 of the Institute of Real Estate Management for contributions toward continuing education in the property management field.
Prior to joining Avison Young, Steve Lynch led the multi-family division of McShea & Company, Inc. for 20 years and was also a member of the Board of Directors. Lynch is a finance executive with more than 25 years of experience in property management, and has extensive experience in residential and commercial real estate. He possesses accounting analysis, strategic planning, acquisition, disposition and residential market analysis experience. He is also a Certified Public Accountant. Lynch served as McShea & Company's CFO for many years while managing the residential properties in the portfolio. In 2010, he was named President of McShea Residential Services, Inc. and grew the portfolio to nearly 2,000 apartment units. Lynch also has experience with HUD reserve requirements, and was appointed to serve on the Affordable Housing Task Force by the Montgomery County Executive in 2007. Lynch is a member of the National Multi-Family Housing Council, the Institute of Real Estate Management (IREM) and the Maryland Association of Certified Public Accountants.
Robert Dickman was most recently Executive Vice-President, sales and leasing with McShea & Company, Inc. Dickman is one of the Washington area's most experienced and productive leasing agents. He has exclusively represented major national and international corporations such as Hughes Network Systems, Direct TV, Bechtel Power Corporation and Digex, Inc. He has also represented one of the largest pension fund advisors in the U.S. in the leasing of a 2.3-msf office portfolio. Over the past 15 years, Dickman has consistently been ranked among the 10 most productive leasing agents in Suburban Maryland and in 2008 was named as the highest producing agent in Maryland by the Greater Washington Commercial Association of Realtors.
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
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 and COO, Avison Young: 202.644.8683
• Tim McShea, Principal and Co-Managing Director, Suburban Maryland, Avison Young: 301.417.1080
• Leonard Mongeon, Principal and Co-Managing Director, Suburban Maryland, Avison Young: 301.417.1090
Avison Young was a winner of Canada's Best Managed Companies program in 2011 and requalified in 2012 to maintain its status as a Best Managed company.
Follow Avison Young Bloggers: http://blog.avisonyoung.com
Follow Avison Young on LinkedIn: http://www.linkedin.com/company/avison-young-commercial-real-estate
• Editors/Reporters: please click on links to view and download photos
of Tim McShea, Jack McShea, Len Mongeon, Laurie Craft, Steve Lynch, Bob
SOURCE Avison Young Commercial Real Estate (BC)