By Sabina Mollot
SVN International Corp. (SVNIC), a commercial real estate franchisor based in Boston, has added CPEX Real Estate, a Brooklyn boutique firm, to its growing network of around 200 offices.
The investment by SPN, effective as of June 24, is aimed at allowing CPEX to expand in New York City.
CPEX founder and managing director Timothy D. King will continue to operate the business. He said the plan is to continue focusing on the five boroughs as the company always has, but now with the ability to offer more services.
“I still have the autonomy of a small firm,” said King this week, “but now I have a big brother who enables me to have a broader reach in terms of specialized services. This way CPEX can cast a much larger shadow.”
The partnership follows King’s split from CPEX co-founder Brian Leary. King said it was an amicable break-up. The split, he added, was not due to the SVN investment.
“Brian and I just came to a point after 10 years where we came to a decision that we wanted to do something different,” King said.
The SVN/CPEX venture was negotiated by SVN president and CEO Kevin Maggiacomo and King. CPEX will now be known as SVN | CPEX.
“SVN’s investment into CPEX is part of our larger growth strategy across the country,” said Maggiacomo. “CPEX’s focus on growth, along with its collaborative and client-centric approach, presented the right firm for investment and growth in New York City.”