Avison Young Adds McShea To Expand Suburban Maryland Leasing Practice
November 4, 2013
Continuing to expand its business-line coverage in the Washington, DC region, Avison Young purchased Gaithersburg, MD-based McShea & Co., adding its 150 employees and suburban Maryland leasing prowess to the firm's Washington-area operations. Terms of the acquisition were not disclosed. With the purchase, Avison Young's regional leasing practice will expand to roughly 30 million square feet, with 10 million square feet under management.
Founded in 1983 by brothers Tim and Jack McShea and their father, Jack McShea Sr., McShea & Co. ranks among the most active privately held real estate services firms in the Maryland suburbs.
McShea founders Tim and Jack McShea, along with Len Mongeon, Laurie Craft, Steve Lynch and Bob Dickman, have been named principals at Avison Young, with Tim McShea and Mongeon named co-managing directors of the firm's suburban Maryland office. Craft has been tapped as director of commercial property management, while Lynch becomes director of residential management.
"This acquisition demonstrates our commitment to serving our clients and our strategy of attracting the best our industry has to offer, said Earl Webb, president of Avison Young’s U.S. operations in a statement announcing the pruchase. "We will continue to seek out companies and market leaders to grow our U.S. footprint and deliver the highest level of advisory services to our clients. This acquisition serves as another step in our aggressive expansion program and positions us well in the U.S. Capital Region in advance of overseas growth."
Since opening its first office in Washington, D.C. in 2010 under the direction of Keith Lipton, Toronto-based Avison Young has rolled up several local firms, including Appian Realty Advisors, Millennium Realty Advisors and Realty Management Co.