|By PR Newswire||
|April 16, 2014 11:00 AM EDT||
Fast-growing commercial real estate services firm opens 40th U.S. office; 11 members join, Michael Kennedy becomes Managing Director
TORONTO, April 16, 2014 /CNW/ - Mark E. Rose, Chair and CEO of Avison Young, the world's fastest-growing commercial real estate services firm, announced today that it has acquired Austin, Texas-based commercial real estate services firm Commercial Texas, LLC and opened a new office in Austin, TX.
The newest American office represents Avison Young's third office in Texas, 40th office in the U.S., 42nd office outside of Canada, and an additional step in the firm's ongoing aggressive global growth and expansion strategy.
Over the past five years, Avison Young has grown from 11 to, now, 57 offices in 46 markets and from 300 to more than 1,500 real estate professionals across Canada, the U.S., and in Europe.
Founded in 1997, Commercial Texas provides tenant representation, landlord representation and sales and advisory services to clients in the office, retail, industrial, multi-residential and investment sectors. Handling more than $67 million in lease and sales transactions in 2013, Commercial Texas has consistently ranked as one of the top 20 commercial real estate firms in Austin, according to the Austin Business Journal's Book of Lists research.
Today's acquisition further expands Avison Young's business-line coverage in Texas and brings 11 new employees to Avison Young. Effective immediately, Michael Kennedy, Carl Condon, Chrissy Cornelius and Burke Kennedy become Principals of Avison Young.
Michael Kennedy also becomes Managing Director of the Austin office. Formerly the founder, President and principal owner of Commercial Texas, he will be responsible for growing a full-service commercial real estate platform in Austin through recruitment and acquisition. He will also manage the day-to-day operations of the office and service new and existing clients. Condon, Cornelius and Burke Kennedy will continue to focus on office brokerage in the Austin market.
"The acquisition of Commercial Texas gives Avison Young a significant presence in the Greater Austin area, which is a core region for our company's long-term growth as a global service provider," comments Rose. "Mike Kennedy and his team are highly regarded as top real estate professionals in Austin. Their joining us is a major brand-elevating event for Avison Young in Austin and throughout Texas. With our resources behind them, we believe the Commercial Texas team will be able to grow dramatically by building a full-service, diversified business in Austin. We couldn't be more thrilled to have Mike and his team on board."
Also joining from Commercial Texas are: John Baird as a Senior Vice-President; Ryan Rice, Associate; Patrick Kennedy, Operations Manager; Andrew Alizzi, research coordinator; Susan Murray, administrative coordinator; Danielle Percy, client service coordinator; and Randa Stringer, marketing coordinator.
"Avison Young has great offices in Houston and Dallas, and their service offerings will be enhanced and complemented by this acquisition. With the addition of Commercial Texas in Austin, we are now well established in Texas," states Earl Webb, Avison Young's President, U.S. Operations. "As Avison Young did not previously have an Austin presence, today's announcement marks our firm's entry into one of the hottest and best-performing markets in the nation."
"Through the knowledge, expertise and positive relationships that Mike Kennedy and his team have developed throughout the state, we are actively pursuing more expansion opportunities in other Texas markets, particularly San Antonio," Webb continues. "Going forward, we'll continue to add people in all of our Texas offices to bolster our service lines."
Avison Young opened its first Texas office in Houston in June 2010 with Rand Stephens joining as a Principal and Managing Director. The company opened its Dallas office in July 2011, and acquired Dallas-based tenant representation firm Dillon Corporate Services/Cresa Dallas in October 2013. The acquisition added 40 members, including Greg Langston as a Principal and Managing Director, Dallas.
"It was apparent when discussions on the acquisition began that Commercial Texas and Avison Young are a perfect fit culturally. Also, Commercial Texas fully embraces Avison Young's mandate to provide best-in-class service," notes Stephens. "Commercial Texas is considered one of the top commercial real estate brokerage firms in Austin. The company's strong skill sets in servicing corporate and investor clients with transaction and advisory services on a local and multi-market basis gel nicely with Avison Young's solutions-oriented, collaborative approach to solving clients' real estate problems."
"Mike Kennedy and the Commercial Texas team have done an excellent job of building a company with a great local presence. Outside of providing more resources, there's no reason to change anything," Stephens adds.
Effective immediately, Commercial Texas' existing office at 515 Congress Avenue, Suite 1500, in downtown Austin will be rebranded as Avison Young.
"It's no secret that commercial real estate firms have long felt the need to align with a national or international network. Certainly, Commercial Texas has considered its options in the past," states Michael Kennedy. "But what always gave us pause for thought was a concern that we wouldn't be able to operate in a way that was consistent with the extremely high level of service and independent manner our clients have always said they appreciate. That was the single biggest hold-up."
He continues: "Significant due diligence has been performed, and I feel confident that Avison Young's brand represents everything Commercial Texas has held near and dear for the past 17 years. Avison Young's Principal-led culture establishes growth opportunities for other team members, and our expectation is that this alignment will help us attract additional top-tier talent here in the Austin market. At the same time, we're confident the acquisition will enhance the way we service our clients – and that makes this a unique and very exciting opportunity."
Located in Central Texas, Austin is the state capital and ranks as the 11th-largest city in the U.S. and the fourth-largest in Texas. With a population of 843,000, Austin is also the second-largest state capital in the U.S. The city's economic development authority has spearheaded approximately 7.2 million square feet (msf) of major redevelopment projects and the downtown area is in the midst of an extensive refurbishment program. Austin has also secured the No. 1 spot on Forbes' annual list of America's fastest-growing cities for the past four years straight. The region's population stands at 1.87 million – a figure anticipated to top 2 million within two years. Major corporate employers include 3M, Apple, Dell, Oracle, Amazon, Cisco Systems, Whole Foods and National Instruments. More than 300 companies have moved to Austin in the past nine years, with approximately 100 of those coming from California.
Today's announcement comes on the heels of Avison Young launching its European presence by acquiring London, U.K.-based NAI Haywards LLC and opening new offices in London and Thames Valley, U.K. on April 1, 2014.
Michael Kennedy has more than 30 years of commercial real estate experience. Prior to joining Avison Young, he founded Commercial Texas in Austin in 1997 and grew the firm into one of the region's leading real estate companies. Throughout his career, Kennedy has been recognized as one of the most active office leasing and sales brokers in the Austin area.
A frequently named Austin Business Journal "Heavy Hitter" in both the tenant representation and landlord representation categories, Kennedy has contributed a number of times to the Annual Institute of Real Estate Management (IREM) Forecast Forum and has spoken at Urban Land Institute (Austin chapter) and continuing legal education events. He is a frequently quoted expert on commercial real estate trends in Austin and has published numerous articles. In addition, he is a member of the Society of Industrial and Office Realtors (SIOR), Commercial Brokers Association (of which he is past President), and CoreNet Global; and past Board member and Downtown Chair of the Real Estate Council of Austin. Kennedy is also a founding fellow of the Austin Bar Association and lends his volunteer time to many organizations outside of the commercial real estate industry. He is past President of ZACH Theatre, member of the Greater Austin Chamber of Commerce, and Secretary of The Downtown Austin Alliance. Kennedy holds a Doctor of Jurisprudence degree from the South Texas College of Law and a Bachelor of Science in education, English and political science from the University of St. Thomas.
Carl Condon brings 14 years of commercial real estate experience to Avison Young. Prior to joining the company, he served as a Senior Vice-President with Commercial Texas. Since joining the Commercial Texas team in 2003, Condon has been involved with lease transactions totaling more than 1.8 msf and a transaction value of $215 million on behalf of leading corporations and local organizations.
Condon's commitment to his clients' best interests has landed him on the Austin Business Journal's "Heavy Hitter" list, and he consistently ranks as one of CoStar Group's top office brokers. Condon began his commercial real estate career in 2000 working with Colliers International, where he was quickly recognized for the most transactions closed by a Colliers broker in the Austin office in 2001. Condon is a member of the Commercial Brokers Association and Real Estate Council of Austin, and is a board member of the Capital Certified Development Corporation. He is also active with the Swedish American Chamber of Commerce and First Tee of Greater Austin. He holds a Bachelor of Arts degree in history from the University of Michigan.
Chrissy Cornelius was most recently a Vice-President at Commercial Texas. She joined the firm in 2007 in the company's research and brokerage support division. She was promoted to broker in 2009 and, since that time, has completed more than 80 transactions valued at more than $125 million. Cornelius has been honored as a "Heavy Hitter" in the office tenant lease representation category by the Austin Business Journal. In 2012, she earned her designation as a Certified Commercial Investment Member (CCIM). Prior to joining Commercial Texas, Cornelius worked with McKinney Properties while attending college. At McKinney, she played an active role in managing the annual budget, and worked with vendors and contractors to research proposals for presentation to corporate officers.
Cornelius is a member of the Real Estate Council of Austin, Austin Technology Council, Association for Corporate Growth and CoreNet Global. She holds a Bachelor of Science degree in corporate communications from the University of Texas at Austin.
Burke Kennedy joins Avison Young from Commercial Texas where he most recently served as a Vice-President. He started working at Commercial Texas while in college in 2001 and worked his way up to Associate before attending law school in 2009. Upon graduating from St. Mary's School of Law in 2012, he was admitted to the State Bar of Texas. After taking the Texas Bar exam and while awaiting the results, he immediately returned to Commercial Texas to put his prior eight years of commercial real estate experience and new legal expertise to work. During Burke's commercial real estate career, he has completed more than 80 lease transactions totaling nearly 700,000 sf of space. The deals have a combined transaction value of more than $111 million.
Kennedy is active with the Young Men's Business League, Real Estate Council of Austin and the Commercial Brokers Association. In addition to his law degree, he holds a Bachelor of Arts in history from Southwestern University.
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 57 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
• Please click on links to view and download photos of Michael Kennedy, Carl Condon, Chrissy Cornelius and Burke Kennedy
For further information/comment/photos:
• Sherry Quan, Principal, National Director of Communications & Media Relations, Avison Young: 604.647-5098; mobile: 604.726-0959
• Mark Rose, Chair and CEO, Avison Young: 416.673.4028
• Earl Webb, President, U.S. Operations, Avison Young: 312.957.7610
• Michael Kennedy, Principal and Managing Director, Austin, Avison Young: 512.474-2411
Avison Young's new Austin, Texas office is located at: 515 Congress Avenue, Suite 1500, Austin, Texas, 78701
Avison Young was a winner of Canada's Best Managed Companies program in 2011 and 2012 and requalified in 2013 to maintain its status as a Best Managed company.
Follow Avison Young Bloggers: http://blog.avisonyoung.com
Follow Avison Young on LinkedIn: http://www.linkedin.com/company/avison-young-commercial-real-estate
SOURCE Avison Young Commercial Real Estate (BC)
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
Dec. 25, 2014 02:00 AM EST Reads: 2,604
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
Dec. 25, 2014 02:00 AM EST Reads: 1,609
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Dec. 25, 2014 02:00 AM EST Reads: 2,124
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
Dec. 25, 2014 01:00 AM EST Reads: 1,792
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 25, 2014 01:00 AM EST Reads: 2,032
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
Dec. 25, 2014 01:00 AM EST Reads: 1,640
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Dec. 25, 2014 01:00 AM EST Reads: 1,920
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Dec. 25, 2014 12:00 AM EST Reads: 2,081
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Dec. 25, 2014 12:00 AM EST Reads: 2,342
Lori MacVittie is responsible for education and evangelism of application services available across F5's entire product suite. Her role includes authorship of technical materials and participation in a number of community-based forums and industry standards organizations, among other efforts. MacVittie has extensive programming experience as an application architect, as well as network and systems development and administration expertise. Prior to joining F5, MacVittie was an award-winning Senio...
Dec. 24, 2014 09:00 PM EST Reads: 1,222
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Dec. 24, 2014 06:30 PM EST Reads: 1,919
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
Dec. 24, 2014 05:00 PM EST Reads: 1,318
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
Dec. 24, 2014 04:00 PM EST Reads: 1,709
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 24, 2014 02:00 PM EST Reads: 2,812
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Dec. 24, 2014 01:45 PM EST Reads: 1,949