Instead the locally headquartered company, which was recapitalized 13 months ago by industry executive Jeffrey Neal, will concentrate on its property management business and Advantis Construction Co.
GVA Advantis over the years has evolved into a full service commercial real estate firm--however, its roots were as a commercial brokerage. Indeed, over the course of the last year the company has been focusing on building out its brokerage platform even further. In April, GVA merged with First Retail Partners, a retail brokerage and services company. The goal was for GVA Advantis to grow its retail service line through both tenant and landlord representation, according to comments GVA president Tim Hague made to GlobeSt.com at the time.
Despite these measures, though--along with reported cost cutting initiatives--the economy proved to be too strong of an adversary for the firm. Even the District, widely acknowledged to be one of the strongest, if not the strongest, metro areas in the US, has been suffering--and brokerage firms that are active here have all been feeling the pinch. In Q2, to cite just one piece of anecdotal evidence, almost every lease transaction over 15,000 square feet was a renewal, according to CBRE.
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