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FirstService Closes on GVA Williams Acquisition

NEW YORK CITY-The management team says the renamed Williams Real Estate will be run locally via a decentralized platform.

By Paul Bubny | Updated on October 16, 2008

NEW YORK CITY-FirstService Corp., based in Toronto, has closed on its purchase of a 65% interest in locally-based GVA Williams. To be known as Williams Real Estate, the company will be run locally rather than having all day-to-day decisions cleared through the parent company. Senior executives at Williams will retain operational control and share 35% of the firm’s equity, according to a prepared release.

During a press briefing Thursday at Williams’ headquarters here, FirstService and Williams executives emphasized their common interest in a decentralized platform for operating efficiency. “The brokers are, to a certain extent, our clients too,” said Michael Cohen, president of Williams, and therefore they need a quick turnaround on decisions in order to be able to service clients.

Douglas Frye, president and CEO of FirstService Commercial Real Estate and chairman of Colliers International, said the acquisition of Williams provides a gateway into the New York market that the company has not had before. At the same time, Williams management said their company will benefit from the greater capabilities of FirstService’s international platform, which generates $1.9 billion annually in revenues.

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