Bruce Baschuk, president of J Street and former managing director of CB Richard Ellis' Washington office, has purchased the stock of Randall Hagner Limited from the Hagner family and other stockholders in the company as part of the deal. Other terms of the transaction, including acquisition price, have not been released.
The combined firm has 160 employees and grossed approximately $20 million in fees last year, according to a press release.
J Street is currently developing two sites north of Massachusetts Avenue, or the so-called NoMA neighborhood. It says it is negotiating to acquire several other properties as well. The company will maintain the Randall Hagner brand for the time being.
"Many regional real estate firms have disappeared, and we are countering this trend by creating a strong regional company that is locally based and owned in the best market in the country," Baschuk says in a statement. "We wanted to broaden our capabilities into real estate services, and Randall Hagner wanted to grow its business, so this transaction is a strategic fit for both organizations."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
