(Carl Cronan is editor of Real EstateFlorida.)
ORLANDO, FL-Boston-based CresaPartners LLC says it has merged locally based Strictly Commercial Inc. into its operations, creating a new presence within Central Florida for the corporate real estate advisory firm. CresaPartners has one other Florida office in Miami.
The value of the merger is not being disclosed under a confidentiality agreement between both sides, though CresaPartners CEO Bill Goade says the price will ultimately be based on the Orlando office's financial performance over the next three years. The firm currently has a staff of six but could grow to ten, he says.
"They have been informally doing business for us in Orlando for the last four or five years," Goade tells GlobeSt.com. "This is a market where we have wanted coverage and they have an excellent reputation there."
The agreement between CresaPartners and Strictly Commercial includes possible expansion of tenant-rep services into the Tampa and Jacksonville markets, Goade says. He adds that the Orlando and Miami offices will now cover 90% of Florida's market for office and flex space.
John Gay and Sara Castor, co-founders and principals of Strictly Commercial, will remain with CresaPartners and lead its Orlando office at 221 NE Ivanhoe Blvd. They co-founded the tenant representation firm in 1989 and have worked with a broad range of companies, including Precision Response Corp., Charles Schwab & Co. and Fiserv Solutions.
"We've worked with CresaPartners throughout the years and know they share the same mindset and commitment to tenant representation, which is increasingly rare in this industry," Gay stated in a release. "CresaPartners gives us the best opportunity to expand our capabilities while remaining true to our roots."
As a result of the merger, Gay and Castor now hold an equity stake in CresaPartners, which claims to be the largest pure tenant-rep firm in North America. Goade puts the total value of his firm at approximately $170 million.
CresaPartners, which has 47 offices nationwide plus five in Canada, specializes in commercial real estate services including transaction and project management, relocation planning, site selection, subleases and dispositions and facilities consulting. The company's most recent acquisition occurred in July, adding Raleigh, NC-based Triangle Commercial to its ranks.
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