AUSTIN–Commercial Texas has been acquired by Avison Young as a way for the Canadian company to expand its commercial real estate services in Texas.
“Austin combines a high quality of life along with an entrepreneurial business culture. Its reputation and prominence has been growing right alongside the city’s population,” Avison Young CEO Mark Rose, tells GlobeSt.com. “It’s home to a top-tier university, the state government and a myriad of major corporate employees, helping to create a well-balanced and diversified economy with a constant ability to add and attract talent. Additionally, it’s experienced one of the healthy real estate markets across the US. Everything about the city appears poised to have a bright future.”
Commercial Texas was founded in 1997 in order to provide tenant and landlord representation, as well as sales and advisory services to those in the office, retail, industrial and multifamily sectors. The company worked with more than $67 million in leases and sales transactions in 2013.
“It was apparent when discussions on the acquisition began that Commercial Texas and Avison Young are a perfect fit culturally – meaning both the professional and personal aspects of how we believe in doing business align well,” Rose says. “The firm’s strong skill sets in servicing corporate and investor clients with transaction and advisory services on a local and multi-market basis gel nicely with Avison Young’s solutions-oriented, collaborative approach to solving clients’ real estate problems.”
Eleven employees will come on board, with Michael Kennedy, Carl Condon, Chrissy Cornelius and Burke Kennedy have been named principals. Michael Kennedy will also be the managing director of the new Austin office.
This new Austin office will be the company’s third in Texas, and the 40th office in the United States. In June 2010, the Avison Young opened its first Texas office in Houston. The following year it opened in Dallas and then acquired the Dillon Corporate Services/Cresa Dallas in October 2013.
Avison Young has seen marked growth in the last five years, growing from 11 to 57 offices in 46 markets throughout Canada, the US and Europe. And the company is not going to stop there. Rose says the company will continue to keep an eye out for potential acquisitions in Austin as well as other Texas markets, such as San Antonio.
“Our principal-led culture dictates that all Principals are part of the recruiting and building process,” Rose tells GlobeSt.com. “Led by Rand Stephens in Houston, Greg Langston in Dallas, Mike in Austin, and our partners, we will continue to grow our capabilities throughout Texas to meet the needs of our clients.”