Avison Young, a portfolio company of Caisse de dépôt et placement du Québec, has acquired Washington, D.C.-based BMS Realty Services, a property management company. No financial terms were disclosed. Toronto-based Avison Young is a commercial real estate services firm.
TORONTO, Feb. 3, 2020 /PRNewswire/ – Mark E. Rose, Chair and CEO of Avison Young, the world’s fastest-growing commercial real estate services firm, today announced it has acquired Washington, D.C.-based BMS Realty Services, LLC (BMS), bolstering Avison Young’s property management offering in the D.C. Metro area.
Among Washington D.C.’s leading property management companies, BMS Realty Services brings expertise delivering integrated, value-driven services for commercial properties, including operations, maintenance, accounting and financial reporting to optimize building performance and ensure consistent tenant retention and satisfaction.
Effective immediately, BMS is rebranded as Avison Young and 23 members from BMS join the company. BMS founder, Larry McCulley, becomes Executive Vice President, Real Estate Management Services in the firm’s Washington, D.C. office, with a continued focus on delivering leading property management services to the company’s existing and new clients. Prior to establishing BMS in 1999, McCulley worked with Jones Lang LaSalle where he served as the director of property management. At the time of purchase, BMS has approximately 1.7 million square feet of institutional commercial properties under management.
“The dedicated team of professionals at BMS has a great track record of working with clients to heighten building performance and deliver results through streamlining operations, attracting and retaining tenants, and enhancing long-term property value,” says Rose. “I’ve known Larry for 25 years and it’s exciting to be working with him again as he and the team become part of the growing Avison Young family.”
McCulley and the team are highly regarded in the region and will work closely with Josh Peyton, Avison Young Principal and Managing Director of the company’s D.C. Metro offices to deliver innovative real estate management solutions that support clients’ business objectives.
“Managing real estate assets effectively is an important part of the bottom line for clients and we’re excited to have the property management skills that BMS brings to Avison Young in Washington, D.C.,” says Peyton. “We have great respect for the quality of service that they have delivered to their clients over the years and they’re a perfect fit for our client-centric culture as a Principal-owned and led firm.”
The acquisition builds on Avison Young’s experience and expertise in integrated management and reporting services across commercial, retail and industrial property types, spanning a comprehensive range of property management services, including deep experience in implementing sustainability strategies.
“We are thrilled to be joining Avison Young and to be able to work closely with the team in Washington, D.C. to deliver property management solutions for clients,” says McCulley. “The collaborative culture at Avison Young was a draw for our entire team, as was the opportunity to continue to achieve results for clients in a business without silos. It’s a great fit all around.”
Today’s announcement follows on a busy season of growth for Avison Young in 2019, including the acquisition of Strategic Retail Group on October 8, 2019; McKinney Advisory Group, Inc. on October 7, 2019; Hamburg, Germany-based Völckers & Cie Immobilien GmbH Real Estate Advisors on July 2, 2019; U.K.-based GVA on February 1, 2019; and Front Street Commercial Real Estate Group on January 23, 2019.
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, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 108 offices in 14 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.