X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-Martin Smith Inc. and Martin Smith Development Corp., the company that brought this city the Millennium Tower, 801 First Avenue South and Madison Financial Center, say they will formally separate by the end of the year. The two companies currently operate side-by-side, albeit as individual entities.

“For MSI, the separation will reduce substantially the perceived conflict of interest between MSDC’s activities in owning and developing property versus the traditional real estate services MSI performs for clients,” Robert Briscoe, MSI president, explained in announcing the split. Established in 1974, Martin Smith Inc is one of the largest, locally owned, full-service commercial real estate firms in Seattle.

Ultimately, the separation will result in MSDC, one of the city’s most prominent development companies since it was founded in 1998, being renamed and relocating its offices. MSI will continue to provide its clients with comprehensive real estate. The principals of both companies will continue to actively seek acquisition opportunities for its clients.

“For me and my team, the separation will provide for a unique identity which, coupled with the autonomy required to run an entrepreneurial group, will allow MSDC to continue to expand our presence in the region,” Greg Smith, MSDC president, says in a prepared statement.

This announcement is only the beginning of the process and the two companies expect the transition may take until the end of the year to finalize due to logistics. The principals say they will be working together closely to ensure a smooth transition. Greg Smith will retain a passive ownership interest in MSI along with the five active principals of MSI: Mickey Smith, Jeff Roush, Rob MacAulay, Robert Briscoe and Joel Aslanian.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.