Avison Young Inc has acquired Kwartler Associates Inc, a manager of office, industrial and flex space based in Waldwick, New Jersey. The financial details of the transaction were were not released. Avison said the deal expands its business-line coverage in New Jersey and throughout the tri-state market. Based in Toronto, Avison is a commercial real estate services specialist and a portfolio investment of Canadian private equity firm Tricor Pacifc Capital. This month, Tricor made a second growth investment in the company, adding to the original $40 million that it invested in October 2011.
Avison Young acquires New Jersey-based asset management firm Kwartler Associates
Purchase further expands Avison Young’s business-line coverage throughout Tri-State market; Daniel Frank becomes Principal, 27 members join
TORONTO, Sept. 18, 2014 /CNW/ – Mark E. Rose, Chair and CEO of Avison Young, the world’s fastest-growing commercial real estate services firm, today announced that it has acquired New Jersey-based asset management firm Kwartler Associates.
The purchase further expands Avison Young’s business-line coverage in New Jersey and throughout the Tri-State market, adding 27 employees to the firm’s office in Morristown, NJ.
Established in 1980, Kwartler Associates manages more than 5.1 million square feet (msf) of office, industrial and flex space consisting of approximately 50 assets. Included in this Tri-State portfolio is more than 2.2 msf of exclusive agency leasing and management assignments in Bergen and Morris counties, two of New Jersey’s most active and dynamic office and industrial submarkets.
Effectively immediately, Kwartler President Daniel Frank becomes a Principal with Avison Young. In this role, he will be responsible for overseeing business development for the firm’s asset and property management business in the New Jersey and suburban Tri-State markets, as well as spearheading the growth of Avison Young’s real estate development services on behalf of institutional owners, including site selection, property acquisition, entitlements, and construction and disposition services in those markets.
“We’re excited to welcome the Kwartler Associates team to Avison Young as we make marked progress on our global strategy to expand the breadth of our best-in-class services in key markets and across all real estate disciplines,” comments Rose. “Daniel and his team bring a truly diverse skill set that aligns perfectly with our mission to provide a fully-integrated service platform to address the entire range of our clients’ real estate requirements.”
Adds Earl Webb, Avison Young’s President, U.S. Operations: “This strategic acquisition is an important move that will significantly strengthen our presence in the Tri-State market, creating new avenues for business growth and development, in addition to expanding our service capabilities for existing clients. We look forward to working with our new colleagues to capitalize fully on the depth of relationships and expertise that they bring to our organization.”
The acquisition brings Avison Young’s total square feet of retail, industrial and office properties under management in Canada and the U.S. to approximately 70 msf.
“The acquisition of Kwartler Associates is critical to the expansion of our asset-services platform in the Tri-State area,” states Arthur Mirante, Avison Young Principal and Tri-State President. “Kwartler brings a proven track record of high-level management and consulting services in some of the region’s most active markets. We look forward to the contributions our new teammates will make in further enhancing Avison Young’s position in the regional marketplace.”
Kwartler Associates comprises a seasoned team of property managers, brokers, in-house portfolio accounting managers and administrators. In addition to Frank, other senior team members joining Avison Young as a result of the acquisition include Marc Krieger, Senior-Vice-President, and Alex Kwartler, Senior Analyst.
“Kwartler will deliver an impressive existing portfolio of assignments and the leadership to match,” notes Jeffrey L. Heller, Avison Young Principal and Managing Director of the firm’s New Jersey office. “We are confident in our ability to leverage this infusion of talent and resources to support our existing and future client base.”
Kwartler Associates specializes in class A office properties, warehousing and industrial buildings, and high-tech free-standing flex properties, spread throughout Bergen, Morris, Middlesex, Somerset, Essex and Hudson counties in New Jersey, as well as Queens, New York. The company is highly respected in the region for its full range of real estate services to institutional investors, equity partnerships, private property owners and corporate tenants.
Avison Young entered the Tri-State market in April 2012 with the opening of the company’s first New York City office. The firm opened its New Jersey office in September 2012, which was followed by the opening of a Long Island office in August 2013 and Fairfield/Westchester office in June 2014.
“Avison Young offers the nationwide market footprint and differentiated culture that are extraordinarily attractive to our company as we seek to build upon our success in the region,” says Frank. “This transaction provides a profound opportunity to contribute to Avison Young’s broad platform of asset services while harnessing the synergies of these two financially sound, collaborative organizations.”
Over the past five years, Avison Young has grown from 11 to 59 offices and from 300 to more than 1,600 real estate professionals across Canada and the U.S., and in Europe.
Today’s announcement comes on the heels of Avison Young opening a new office in Oakland, CA on August 11, 2014.
A seasoned commercial real estate executive, Daniel Frank brings 22 years of industry experience to his role at Avison Young. Most recently the President of Kwartler Associates, Frank was responsible for spearheading all facets of the company, including deal sourcing specific to acquisitions, asset/property and construction management, and business development initiatives such as discovering, procuring and executing due diligence on real estate investments in consideration of institutional-level investors’ strategies and objectives.
Frank’s experience includes having served as a landlord representative for more than half a billion dollars’ worth of tenant-improvement and development projects, including a 410,000-sf out-of-the-ground, build-to-suit building for Prudential Insurance in Metro Park, NJ, as well as the ground-up development of four class A buildings in New Jersey totalling more than 700,000 sf. He has also developed several commercial projects with a cumulative value in excess of $300 million.
A member of NAIOP, the Industrial and Office Real Estate Brokers Association (IOREBA) and the New Jersey March of Dimes real estate planning committee, Frank holds a Bachelor of Science degree in business from Fairleigh Dickinson University.
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 1,600 real estate professionals in 59 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.
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Avison Young was a winner of Canada’s Best Managed Companies program in 2011 and 2012 and requalified in 2013 to maintain its status as a Best Managed company.
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