Avison Young Acquires New Jersey-Based Walsh Co.
- Oct 04, 2012
By Keith Loria, Contributing Editor
Avison Young, Canada’s largest independently owned commercial real estate services company, acquired the New Jersey-based project management service firm, The Walsh Company, L.L.C.
Led by brothers Ed and Thomas Walsh, The Walsh Co. has been a leading multi-service advisory organization specializing in project management services throughout New York, New Jersey, Boston and Washington, D.C. areas.
“I was particularly attracted to the firm’s culture, its executive leadership team and commitment to developing a strong project management services platform in the New York Metropolitan area,” Ed Walsh told Commercial Property Executive. “The opportunity to play an integral role in building this platform is very exciting for me.”
The purchase significantly strengthens Avison Young’s business-line coverage throughout Northeast United States and the change in ownership will add 53 employees to Avison Young’s operations.
The Walsh Co.’s current office at 1120 Headquarters Plaza in Morristown, N.J., will now become Avison Young’s New Jersey headquarters.
“The opportunity to join a growing firm and be part of helping to build its New York Metro area presence does not come around very often,” Ed Walsh said. “I see this move as a great opportunity for all of our employees to grow and provide expanded services to our existing clients, as well as develop new client relationships.”
The Walsh brothers will now serve as principals at Avison Young. They each bring more than 25 years of industry experience to their roles and will be responsible for leading the growth and development of Avison Young’s project management services platform in the Tri-State market and throughout the Northeast.
“My role in the future will be very similar to what it is today, which is primarily focused on leading the growth of the company’s project management business,” Ed Walsh said. “The one difference is that I will now be allocating more of my time to growing the New York City-based project management services platform.”
The Walsh Company has completed, or is currently managing, some of the region’s most notable projects, including: BASF’s 325,000-square-foot North American headquarters in Florham Park, N.J.; Panasonic Corporation of North America’s new U.S. headquarters in Newark, N.J.; Wyndham Worldwide’s new 250,000-square-foot world headquarters in Parsippany, N.J.; the renovation of the historic AMES Hotel in Boston; capital improvements to the John Hancock Tower in Boston; and a new restaurant and night club on behalf of EMM Group in New York City.
“As a result of Avison Young’s extensive national platform and resource capabilities, we will now be able to offer our clients full-service solutions for all of their real estate requirements,” Ed Walsh added. “I expect that our New York City-based project management services team will expand rapidly from five to upwards of 20 people in the next 12 months.”
In the past month, Avison Young opened three offices in South Florida, one in New Jersey and the company’s third in Los Angeles. Over the past three and a half years, Avison Young has grown from 11 to 37 offices in 31 markets and from 300 to more than 1,000 real estate professionals across Canada and the United States.
“We have established a track record of success by expanding our footprint in key markets through the strategic acquisition of well-entrenched, dominant firms such as The Walsh Company,” Mark E. Rose, Avison Young’s chair and CEO, said. “This partnership immediately establishes Avison Young as a leader in project management services, and is a strong catalyst for the continued growth of our market coverage.”
Terms of the acquisition were not disclosed.