MIAMI—Avison Young is acquiring AboodWood-Fay Real Estate Group, which is currently doingbusiness as Colliers International South Florida.Barring any hitches in the closing process, the deal should be donewithin 30 days. Terms of the acquisition were not disclosed.

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What does this mean for Michael Fay andDonna Abood? The dynamic duo will become Avisonprincipals and managing director's of the growing Canada-basedreal estate firm's Miami office. The 30-yearcommercial real estate veterans, who serve aschairs and founding partners of their firm, will focus on growingthe Avison platform in the Miami region. JohnCrotty, executive vice president of Abood Wood-Fay, willalso serve as a principal of Avison Young.

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“This strategic acquisition will give Avison Young an evenbroader client-service platform in the Florida market as wecontinue to expand our capabilities throughout the US andoverseas,” says Mark Rose, chair and CEO ofAvison. The merger will add about 70 employees from Abood Wood-FayMiami, Fort Lauderdale, and Palm Beach offices to Avison'soperations in South Florida.

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What's more, Avison gains a significant leasing and investmentsales portfolio, bringing the firm's total square feet of leasingand investment sales property under representation to 20 millionsquare feet in the state. Avison will also assume the AboodWood-Fay property management portfolio, bringingits total square feet of properties under management to 11 millionsquare feet in Florida and over 70 million square feet acrossCanada and the US.

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“Donna has a reputation as one of the most trusted and highlyrecognized names in South Florida real estate, and Michael is knownas a business development rainmaker on a national level,” Rosesays. “Their company's culture of collaboration, excellence andfocus on strategy will merge well with Avison Young's similarculture, and allow us to attract additional high-qualityprofessionals throughout Florida and the US Southeast. This teamwill be a tremendous addition to our company.”

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Abood and Fay both launched commercial realestate firms in 1989. Abood &Associates was a full-service real estate firm providingleasing, sales, property management, and construction services inSouth Florida. Wood-Fay Realty Group was aspecialized commercial real estate brokerage firmproviding commercial and investment property sales and advisoryservices for clients. The firms merged and subsequently joined theColliers team in 2005. In 2010, the firm participated in a globalrebranding and officially became Colliers International SouthFlorida.

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Avison opened its first Florida offices in October 2012 in FortLauderdale, Boca Raton, and Miami with Pike Rowleyjoining as a principal and managing director. In May 2013, Avisonacquired WG Compass Realty and opened aWest Palm Beach office. In September 2013, Avison acquired Lane Witherspoon & Carswell CommercialReal Estate Advisors and opened a new office inTampa.

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“Since the creation of our Avison Young Florida team in 2012 ourstrategy has been to grow throughout the State either organicallyor through value-add acquisitions and deliver client centricsolutions,” Rowley, managing director of Avison for Florida, tellsGlobeSt.com. He has known Abood and Fay for over 25 years.

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“It has always been a priority to build a significant presencein Miami and until now we had not been presented the rightopportunity with the right people,” he says. “Donna and Mike havebuilt a practice that will be complementary to the uniqueAvison Young global platform, and in combining our twocompanies we will be very dynamic to say the least."

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Over the past five-and-a-half years, Avison Young has grown from11 to 60 offices and from 300 to more than 1,600 real estateprofessionals in Canada, the US and Europe. The announcement comeson the heels of opening an office in Cleveland, Ohio on Sept. 23,2014 and the firm acquiring New Jersey-based asset management firmKwartler Associates on September 18, 2014. Abood and Fay were notable to be reached for comment.

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