MORRISTOWN, NJ- GlobeSt.com has exclusively learned that Toronto-based Avison Young has acquired commercial project-management firm the Walsh Co., establishing a New Jersey headquarters at Walsh’s Morristown office. The newly installed head of AY’s Garden State operations, Jeffrey Heller, joins Edward S. Walsh and Thomas J. Walsh at the Headquarters Plaza office here. GlobeSt.com broke the story of Heller's arrival in September.
With the closing of the deal on Tuesday, Edward and Thomas Walsh immediately became AY principals and will continue to direct the 53-member office, whose employees are all being retained. Other terms of the acquisition were not disclosed.
“We’ve been busy,” AY chairman and CEO Mark E. Rose says dryly about his company’s explosive growth in recent months in the United States. The announcement follows Avison Young’s opening of three South Florida offices earlier this week and the firm’s third office in Los Angeles last month.
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The acquisition of a large, high-profile firm such as Walsh is indicative of the path the company will continue to pursue with methodical focus, Rose tells GlobeSt.com. "We've expanded our footprint in key markets through the strategic acquisition of well-entrenched, dominant firms such as Walsh,” he says. “This partnership immediately establishes us as a leader in project-management services and is a strong catalyst for the continued growth of our market coverage.”
The acquisition expands AY’s business lines across the Northeast, but particularly in the Tri-State market, where Walsh is a recognized leader, says the CEO. Walsh has offices and provides services throughout New York; New Jersey; Boston; and Washington, DC.
Arthur J. Mirante II, AY’s tri-state president, said in a statement that, “Ed, Tom and their team have demonstrated a commitment to excellence in client service that is highly compatible to Avison Young’s business approach. With this partnership, we now have a highly-experienced team on the ground to manage and execute all aspects of our clients’ project management needs, from site selection through tenant move-in."
Key executives joining AY in the deal include Brian Tobiasz, senior vice president of operations; Christopher Richter, senior vice president of development; John Mercurio, vice president of construction; Tracey Kasper, vice president of project management; and Lisa Addeo, vice president of finance. Kevin Daly, who heads Walsh’s Boston office, will also continue in his role at Avison Young. Founded in 2003, Walsh provides services including site evaluation, technical and operational lease consultation, design review, value engineering and pre-construction services, construction administration, furniture procurement services and relocation coordination.
The company has completed, or is currently managing, some of the region’s most notable projects: BASF’s 325,000-square-foot North American headquarters in Florham Park; Panasonic Corp. of North America’s new US headquarters in Newark; Wyndham Worldwide’s new 250,000-square-foot world headquarters in Parsippany; the renovation of the historic AMES Hotel in Boston; capital improvements to the John Hancock Tower in Boston; and a new restaurant and night club on behalf of EMM Group in New York City.
“I saw this as an exciting opportunity to join Avison Young as a principal, and to play an integral role in building an organization that values the project management services platform as a core facet of the firm’s corporate strategy,” said Edward Walsh.
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