HOUSTON – (Realty News Report) – Avison Young has signed an agreement to acquire major Madison Marquette’s office leasing and management and other commercial real estate service lines, covering over 11 million SF in Houston, and other real estate around the nation.
Both Avison Young and Madison Marquette are significant players in Houston commercial real estate.
When the transaction closes Wade Bowlin, who now leads Madison Marquette in Houston, will become Principal and Managing Director in the Houston office of Avison Young.
As Bowlin takes on the role of Managing Director, Rand Stephens will remain with the firm as a Principal and will continue to work as a strategic advisor to his clients. He founded the Houston office in 2010, having overseen the growth of the firm’s Houston business for the past 12 years through the addition of both top-tier talent and clients. Stephens also spearheaded the expansion of Avison Young’s presence in Texas with the opening of offices in Dallas and Austin.
Wade Bowlin to be Managing Director; Rand Stephens Remains as Principal
A well known veteran in the Houston market, Bowlin managed Madison Marquette’s portfolio of office, retail, medical and industrial assets.
“Rand and I go way back, and I greatly respect him and his leadership. I look forward to growing the market share in Houston with him and the entire Avison Young team. The collaborative culture and technology-driven solutions will help us enhance client service offerings and broaden opportunities,” said Bowlin. “I’m excited to join Avison Young during this transformational period of growth and opportunity.”
“I could not be more proud of the team we have assembled in Houston and believe that under Wade’s leadership, Houston and our other Texas offices are well positioned to continue to grow,” said Stephens. “I’m excited to continue with my practice providing clients with broad-based, strategic solutions customized to fit their business goals.”
Texas is a key part of the deal, which includes Madison Marquette’s office and industrial property management, agency leasing and project management service lines. The trio of services will operate under the Avison Young brand and the deal is expected to close in September. The acquisition includes more than 20 million SF and 235 team members including, property managers, agency leasing professionals, project managers, building engineers and accountants that will integrate with the firm’s markets primarily in Texas and California, the East Coast Region and, adding a new market for the firm in Hawaii. The combined operations will elevate both the client experience and Avison Young’s competitive advantage in the real estate industry, amplifying the firm’s presence in 11 states.
The unification of multi-sector assets and services stretches from the East Coast to Hawaii. Avison Young’s Texas market alone will gain 68 property management assets with a sum of 12.2 msf. The Houston market inherits the largest portfolio of property management buildings with 54 properties at 11.2 msf with Dallas adding 14 buildings totaling 966,451 sf. California will add 27 buildings at 4.2 msf; 2.5 msf on the East Coast, followed by Hawaii at seven buildings totaling 1.2 msf. The Hawaiian assets are comprised primarily of class A office buildings in downtown Honolulu.
Over the past year, Avison Young has invested in expanding its service offerings to support occupiers, owners and investors as they navigate through accelerating marketplace needs during challenging times. The firm’s expansion of property management, agency leasing and project management services lines in its robust Texas and California operations, significantly bolsters Avison Young’s presence in those geographically important markets. Avison Young’s data analytics, technology and global real estate intelligence platform combines with Madison Marquette’s trophy assets and institutional clients, such as CenterPoint Energy, Starwood Property Trust, LLC and Principal Global Investors.
Avison Young’s transformative expansion of capabilities and service offerings also includes the addition of seven seasoned industry leaders coming from Madison Marquette. In Houston, Kim Shapiro and Brad Sinclair will be Principals focusing on Agency Leasing and Brenda Dougherty will join as Principal, Director, Texas Real Estate Management Services. In Irvine, CA Jim Proehl will join as Principal and Director of the Western Region, Real Estate Management Services and Eileen Doody and Mark Mattis will join as principals specializing in Agency Leasing.
The Madison Marquette brand gained prominence in Houston a number of years ago when the firm acquired PM Realty Group, also known as PMRG.
Aug. 19, 2022 Realty News Report Copyright 2022
File: Avison Young Buying Part of Madison Marquette
Photo : Ralph Bivins, Realty News Report, Copyright 2022
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