Business
FirstService expands Commercial Real Estate Services platform in U.S. Northeast
FirstService expands Commercial Real Estate Services platform in U.S. Northeast.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nBoston-based Meredith & Grew, one of New England's largest and most\n\n\nestablished firms, joins FirstService to add strength in key regional\n\n\nmarket\n\n\nTORONTO, Sept. 5 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX: FSV\nand FSV.PR.U) today announced that it has expanded its Commercial Real Estate\nServices platform by acquiring an 80% interest in Boston-based Meredith &\nGrew, with senior management and certain key employees retaining the balance\nof equity. The terms of the transaction were not disclosed. All dollar amounts\nnoted are in U.S. dollars.\n\n\nFounded in 1875, Meredith & Grew is one of the leading full service\ncommercial real estate services providers in New England. With more than\n140 professionals operating in the greater Boston region, Meredith & Grew\nadvised on more than $2.7 billion in commercial real estate transactions\nduring the past twelve months, including leasing, sale and capital markets\ntransactions, and manages more than seven million square feet of commercial\nproperty. During the last twelve months, Meredith & Grew generated\napproximately $40 million in revenue. For additional information on Meredith &\nGrew please visit its website at www.m-g.com.\n\n\n"Partnering with Meredith & Grew is a key strategic move for our rapidly\ngrowing commercial real estate services platform," said Scott Patterson,\nPresident and COO of FirstService Corporation. "M&G is a highly regarded\ninstitution in the New England region with more than 130 years experience, an\noutstanding leadership team and a strong group of professionals. With the\naddition of M&G, our commercial real estate services platform now operates\nfrom more than 157 offices, in 26 countries around the world and generates\nannual revenue in excess of $750 million."\n\n\n"We are very excited to partner with FirstService where we will enjoy the\nmanagement incentive that comes with maintaining a significant ownership\ninterest in the business, while having the decision-making authority to\ncontinue to grow and develop our business in the future as we have in the\npast," said Tom Hynes, Chairman & CEO of Meredith & Grew. "We will also\nbenefit from having access to the resources and capabilities of a large global\norganization including enhanced in...