"For MSI, the separation will reduce substantially the perceived conflict of interest between MSDC's activities in owning and developing property versus the traditional real estate services MSI performs for clients," Robert Briscoe, MSI president, explained in announcing the split. Established in 1974, Martin Smith Inc is one of the largest, locally owned, full-service commercial real estate firms in Seattle.
Ultimately, the separation will result in MSDC, one of the city's most prominent development companies since it was founded in 1998, being renamed and relocating its offices. MSI will continue to provide its clients with comprehensive real estate. The principals of both companies will continue to actively seek acquisition opportunities for its clients.
"For me and my team, the separation will provide for a unique identity which, coupled with the autonomy required to run an entrepreneurial group, will allow MSDC to continue to expand our presence in the region," Greg Smith, MSDC president, says in a prepared statement.
This announcement is only the beginning of the process and the two companies expect the transition may take until the end of the year to finalize due to logistics. The principals say they will be working together closely to ensure a smooth transition. Greg Smith will retain a passive ownership interest in MSI along with the five active principals of MSI: Mickey Smith, Jeff Roush, Rob MacAulay, Robert Briscoe and Joel Aslanian.
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