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Jaccom |
Colliers International acquire a 65% interest union feed
An anonymous local industry source, who is not involved in the deal, tells GlobeSt.com that smaller firms in the New York City market may now want to be concerned--and perhaps even larger firms. "This could be the first of a series of out-of-town firms buying opportunistically in New York," the source says. "Since leasing volume is down in terms of the number of deals and the size of those deals, and that decline will only accelerate in the short term, at least, the firms that either want to be here, or who want to be more significant here, may make a push into this market."
Toronto-based FirstService's capital investment in GVA Williams is expected to enormously elevate the firm and will "allow the firm to further expand its service to its current client roster and more effectively compete with other multinational real estate companies," according to a prepared statement. The cash infusion is a first step in the eventual repositioning of the firm, which also "will enable it to open additional offices, invest in top industry talent and utilize the world-class training and other human resource capabilities of a global company." GVA Williams tells GlobeSt.com that they cannot disclose further financial terms at this time. The transaction is expected to be completed by the end of September, 2008 at which time GVA Williams will be rebranded as Williams Real Estate, a FirstService Co.
Williams Real Estate will become the New York City hub office for FirstService's global commercial real estate services platform which will now operate from 147 offices, in 36 countries and generates annual revenues of approximately $1 billion. GVA Williams senior management and other employees will retain an equity stake and will maintain operational control of the firm. Under the new ownership structure, eight senior executives will share the majority of GVA Williams' equity in the firm: Robert Freedman, executive chairman; Mark Jaccom, CEO; Michael Cohen, president; Andrew Roos, vice chairman; Brian Given, vice chairman, Cory Gubner, vice chairman, Eric Witmondt, vice chairman and David Simson, vice chairman.
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| Freedman |
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
