Mark E. Rose, Chair and CEO of Avison Young announced today that it has closed the previously-announced acquisition of commercial real estate brokerage and property management firm Abood Wood-Fay Real Estate Group, LLC (dba Colliers International South Florida).
Terms of the acquisition, which closed on December 1, 2014, were not disclosed.
The purchase significantly expands Avison Young’s business-line coverage in South Florida and throughout the state. Michael Fay and Donna Abood have become Principals of Avison Young and Managing Directors of Avison Young’s Miami office, focused on overseeing the growth of Avison Young’s presence in the Miami region. John Crotty, Executive Vice-President of Abood Wood-Fay Real Estate Group, has also become a Principal of Avison Young. In addition to these three new Principals, Abood Wood-Fay Real Estate Group professionals in leasing, investment sales and property management from the Miami, Fort Lauderdale and Palm Beach offices have also joined Avison Young.
“Avison Young welcomes Michael, Donna, John and Abood Wood-Fay’s other top producers to our Principal-led company,” comments Rose. “We are thrilled to have added such a talented group in Miami and South Florida to our exceptional existing team. 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. 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 U.S. and overseas.”
“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,” says Fay.
Adds Abood: “We have always valued our relationships with our clients more than the transactions, and the Avison Young team is the epitome of that client-centric culture. The team is made up of heavy hitters from other national firms – all joined under the Avison Young flag, with a tremendous level of integrity and skill. We look forward to working with our new colleagues in Florida, and across the U.S. and Canada, and in Europe.”
The announcement comes on the heels of Avison Young opening a new office in Frankfurt, Germany on December 1, 2014, and Avison Young acquiring Orlando, Florida-based MCRE, LLC (dba Morrison Commercial Real Estate) and opening a new office in Orlando on November 13, 2014.