FirstService Completes Investment in GVA Williams
- Oct 16, 2008
FirstService Corp. has announced the completion of its previously reported purchase of a 65 percent interest in New York-based GVA Williams Real Estate, with senior management retaining the balance of equity. To celebrate the conclusion of the deal it is scheduled to bring together Douglas Frye, president & CEO of FirstService Commercial Real Estate Services and chairman of Colliers International, Robert Freedman, executive chairman of Williams Real Estate and Mark Jaccom, CEO of Williams Real Estate to talk with the press at a luncheon at the Williams Real Estate Manhattan headquarters today. GVA Williams will be re-branded as “Williams Real Estate, a FirstService Company.” Williams Real Estate establishes the FirstService commercial real estate platform in New York City. This will “open an important global gateway for further expansion,’ according to the company, and strengthens FirstService’s presence in the U.S. Northeast by adding offices in New York, Connecticut and New Jersey. At the same time move provides Williams access to FirstService’s global real estate services operating in 36 countries around the world. “Partnering with Williams is a key strategic move providing us with an important new hub in New York City, while strengthening our ability to deliver the highest quality real estate advisory and transaction services to our multinational clients,” according to Frye. “Our partnership with Williams will also significantly enhance deal flow to other FirstService Partners, including Colliers International, Cohen Financial, PKF Hotel and Hospitality Consulting, PGP Property Valuation and MHPM Project Managers.” Williams Real Estate has a staff of 160 professionals and has advised on more than $3.4 billion in real estate transactions and generated over $70 million in revenue over the last twelve months. It also manages more than 16 million square feet of prime commercial property in the Tri-State region. FirstService is a global diversified leader in commercial real estate, residential property management and property services. It generates more than $1.9 billion in annualized revenues with more than 17,000 employees worldwide.