MIAMI—It's official. Donna Abood and Michael Fay are now part of the Avison Young family. Avison closed on the previously-announced acquisition of the Miami-based commercial real estate brokerage and property management firm Abood Wood-Fay Real Estate Group, which was doing business as Colliers International South Florida. Financial terms of the acquisition were not disclosed.
“My partner, Michael Fay, and I genuinely know that this acquisition is bringing our firm and our team to a higher level,” Abood, who received Colliers' highest award bestowed the Tom Richardson Award in early November, tells GlobeSt.com. “The quality of the people at Avison Young is unmatched—principals who are considered heavy hitters and real leaders in our industry.”
Under this new structure, and with the support of her team joined with the Avison Young team, Abood says she and Fay will be able to do something they have not been able to do in the past—focus solely on clients instead of the operations of a business. The acquisition closed on Dec. 1.
“Our positions with Avison Young place us in a truly unique situation with local, knowledgeable and accomplished professionals who can truly focus on servicing clients 100% of the time,” says Abood, one of the Real Estate Forum's 2013 Women of Influence. “The transition also brings added value to our clients with refreshed marketing, a new and expanded proprietary database of contacts and more prospects for our listings.”
This is a significant move for Avison in South Florida. The acquisition dramatically expands Avison's business-line coverage in the region and across the state. Abood and Fay are now principals of Avison and managing directors of the firm's Miami office.
“The combination of our current resources with the leading professionals of Abood Wood-Fay greatly strengthens our market share and enhances our support structure to serve our robust client base,” says Mark Rose, chair and CEO of Avison. “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.”
John Crotty, executive vice president of Abood Wood-Fay, is also an Avison principal. Abood Wood-Fay leasing, investment sales and property management professionals from the Miami, Fort Lauderdale and Palm Beach offices have followed the principals to Avison. Fay says, “Many firms have approached us over the years to acquire our established operation, and although we have grown and enjoyed our partnership with Colliers these past nine years, Avison Young has an amazing opportunity for our clients and our teams.”
Today's announcement comes on the heels of Avison Young opening a new office in Frankfurt, Germany on December 1, and Avison Young acquiring Orlando, Florida-based MCRE, which was doing business Morrison Commercial Real Estate and opening a new office in Orlando on November 13, 2014. You can still read Colliers' reaction to the acquisition.
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