Mark E. Rose, chair and CEO of Avison Young, announced that the firm has acquired New Jersey-based asset management firm Kwartler Associates.
The purchase further expands Avison Young’s business-line coverage in New Jersey, adding 27 employees to the firm’s office in Morristown, NJ.
Established in 1980, Kwartler Associates manages more than 5.1 million square feet of office, industrial and flex space consisting of approximately 50 assets.
Included in this Tri-State portfolio is more than 2.2 msf of exclusive agency leasing and management assignments in Bergen and Morris counties, two of New Jersey’s most active office and industrial submarkets.
Effectively immediately, Kwartler president Daniel Frank becomes a principal with Avison Young. He will be responsible for overseeing business development for the firm’s asset and property management business in the New Jersey and suburban Tri-State markets, as well as spearheading the growth of Avison Young’s real estate development services on behalf of institutional owners, including site selection, property acquisition, entitlements, and construction and disposition services in those markets.
Earl Webb, Avison Young’s president, U.S. Operations, said, “This strategic acquisition is an important move that will significantly strengthen our presence in the Tri-State market, creating new avenues for business growth and development, in addition to expanding our service capabilities for existing clients. We look forward to working with our new colleagues to capitalize fully on the depth of relationships and expertise that they bring to our organization.”
The acquisition brings Avison Young’s total square feet of retail, industrial and office properties under management in Canada and the U.S. to approximately 70 million square feet.
“The acquisition of Kwartler Associates is critical to the expansion of our asset-services platform in the Tri-State area,” said Arthur Mirante, Avison Young principal and Tri-State president.
“Kwartler brings a proven track record of high-level management and consulting services in some of the region’s most active markets. We look forward to the contributions our new teammates will make in further enhancing Avison Young’s position in the regional marketplace.”
Kwartler Associates comprises a team of property managers, brokers, in-house portfolio accounting managers and administrators. In addition to Frank, other senior team members joining Avison Young as a result of the acquisition include Marc Krieger and Alex Kwartler.
“Kwartler will deliver an impressive existing portfolio of assignments and the leadership to match,” noted Jeffrey L. Heller, Avison Young principal and managing director of the firm’s New Jersey office. “We are confident in our ability to leverage this infusion of talent and resources to support our existing and future client base.”
Avison Young entered the Tri-State market in April 2012 with the opening of the company’s first New York City office. The firm opened its New Jersey office in September 2012, which was followed by the opening of a Long Island office in August 2013 and Fairfield/Westchester office in June 2014.
Over the past five years, the company has grown from 11 to 59 offices and from 300 to more than 1,600 real estate professionals across Canada and the U.S., and in Europe.
Today’s announcement comes on the heels of Avison Young opening a new office in Oakland, CA on August 11, 2014.