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

What does this mean for Michael Fay and Donna Abood? The dynamic duo will become Avison principals and managing director's of the growing Canada-based real estate firm's Miami office. The 30-year commercial real estate veterans, who serve as chairs and founding partners of their firm, will focus on growing the Avison platform in the Miami region. John Crotty, executive vice president of Abood Wood-Fay, will also serve as a principal of Avison Young.

“This strategic acquisition will give Avison Young an even broader client-service platform in the Florida market as we continue to expand our capabilities throughout the US and overseas,” says Mark Rose, chair and CEO of Avison. The merger will add about 70 employees from Abood Wood-Fay Miami, Fort Lauderdale, and Palm Beach offices to Avison's operations in South Florida.

What's more, Avison gains a significant leasing and investment sales portfolio, bringing the firm's total square feet of leasing and investment sales property under representation to 20 million square feet in the state. Avison will also assume the Abood Wood-Fay property management portfolio, bringing its total square feet of properties under management to 11 million square feet in Florida and over 70 million square feet across Canada and the US.

“Donna has a reputation as one of the most trusted and highly recognized names in South Florida real estate, and Michael is known as a business development rainmaker on a national level,” Rose says. “Their company's culture of collaboration, excellence and focus on strategy will merge well with Avison Young's similar culture, and allow us to attract additional high-quality professionals throughout Florida and the US Southeast. This team will be a tremendous addition to our company.”

Abood and Fay both launched commercial real estate firms in 1989. Abood & Associates was a full-service real estate firm providing leasing, sales, property management, and construction services in South Florida. Wood-Fay Realty Group was a specialized commercial real estate brokerage firm providing commercial and investment property sales and advisory services for clients. The firms merged and subsequently joined the Colliers team in 2005. In 2010, the firm participated in a global rebranding and officially became Colliers International South Florida.

Avison opened its first Florida offices in October 2012 in Fort Lauderdale, Boca Raton, and Miami with Pike Rowley joining as a principal and managing director. In May 2013, Avison acquired WG Compass Realty and opened a West Palm Beach office. In September 2013, Avison acquired Lane Witherspoon & Carswell Commercial Real Estate Advisors and opened a new office in Tampa.

“Since the creation of our Avison Young Florida team in 2012 our strategy has been to grow throughout the State either organically or through value-add acquisitions and deliver client centric solutions,” Rowley, managing director of Avison for Florida, tells GlobeSt.com. He has known Abood and Fay for over 25 years.

“It has always been a priority to build a significant presence in Miami and until now we had not been presented the right opportunity with the right people,” he says. “Donna and Mike have built a practice that will be complementary to the unique Avison Young global platform, and in combining our two companies we will be very dynamic to say the least." 

Over the past five-and-a-half years, Avison Young has grown from 11 to 60 offices and from 300 to more than 1,600 real estate professionals in Canada, the US and Europe. The announcement comes on the heels of opening an office in Cleveland, Ohio on Sept. 23, 2014 and the firm acquiring New Jersey-based asset management firm Kwartler Associates on September 18, 2014. Abood and Fay were not able to be reached for comment.