Toronto-based Avison Young is expanding its U.S. presence through the acquisition of Hodges Management and Leasing Company of Atlanta.
The move adds 19.3 million square feet managed throughout the Southeast by HMLC, a provider of third-party real estate property management and leasing services, increasing the Avison North American portfolio to 50 million square feet.
While terms of the acquisition were not disclosed, the acquisition makes Avison, the 50-year-old and largest CRE company in Canada, the manager of the fourth largest portfolio of retail, industrial and office properties in Atlanta.
Today's acquisition comes only one week after the acquisition of Tysons Corner, Virginia-based Appian Realty Advisors, LLC.
In the last 18 months, Avison has grown from 11 to, now, 21 offices and from 300 to more than 700 people in Canada and the U.S. In 2009 after Avison opened its first U.S. office in Chicago, it followed that with U.S. offices in Washington, DC, Atlanta, Houston, and Tysons Corner, VA.
HMLC's entire 36-member team - including leasing brokers, property managers, accounting personnel, engineers, marketing and project management staff - will be incorporated into Avison's Atlanta operations.
HMLC's director of management services Todd Blalock, Chet Koenig and Bruce Logue of the leasing group, and its four other leading executives are now principals of Avison Young.
HMLC has been an independent company for 18 months. It was spun off from ING Clarion Partners, LLC, which acquired M.D. Hodges in 2005 from The Blackstone Group. Blackstone purchased M.D. Hodges in 1999.
