Industry Veteran Shows His Allegiancy
- Aug 28, 2015
By Barbra Murray, Contributing Editor
Allegiancy, a commercial real estate asset management firm in the midst of an aggressive expansion campaign, went looking for guidance and found it in the form of Dennis Irvin, former president & CEO of Rockefeller Group Investment Management. The fast-growing company just tapped Irvin to serve as an advisor on its Board of Directors.
Irvin brings to the table a stellar 30-year history in the commercial real estate industry, during which time he has spearheaded in excess of $20 billion in transaction structuring and managed the arrangement and placement of more than $5 billion in real estate debt. It’s just what Allegiancy needs as it endeavors to increase its investor services through its proprietary technology-enabled service platform
“He knows the bricks-and-mortar side from his beginnings at LaSalle Partners in Chicago; he knows the investment banking side from his days at JP Morgan in New York; and he has run very large investment portfolios for Rockefeller,” Stevens Sadler, Allegiancy CEO, told Commercial Property Executive. “So with all of that, he is a man that completely understands why excellence in asset management is so important. Dennis has run actual businesses and appreciates how valuable timely, accurate information is, and he understands what a big impact Allegiancy’s technology-enabled operating platform can have on decision-making and transparency.”
Allegiancy is in a good position as it kicks off its growth initiative; the company boasts a billion-dollar U.S. portfolio. Allegiancy’s expansion plans include the doubling of its 19-person staff, in preparation for which the company recently doubled the size of its Richmond, Va., headquarters. But that’s just for starters.
“With Mr. Irvin’s efforts and those of the entire Allegiancy team, we expect to complete Allegiancy’s upcoming capital raise using Reg A+ before the end of 2015, and anticipate closing another acquisition or two in that timeframe,” Sadler added.
In his position on what is now a six-person Board, Irvin is tasked with employing his expertise to help guide the company in strategic thinking and planning.
“As a Board Advisor, Dennis has all the experience we could ask for,” Sadler concluded. “He is the perfect combination of seasoned corporate strategist and credible institutional investors blended nicely with a brilliant entrepreneurial mind and the ability to look into the future and see trends and opportunities.”
Allegiancy will rely heavily on Irvin’s knowledge as it looks to the future, which the company expects to include $10-$15 billion in assets under management within five years–an achievement that would make it the largest independent third-party asset manager in the country. In moving from industry heavyweight Rockefeller to Allegiancy, Irvin is onto something big after all.