Avison Young acquires New Jersey-based project management firm The Walsh Company, LLC; 53 members join

Purchase significantly strengthens Avison Young's business-line coverage throughout Northeast U.S.

TORONTO, Oct. 3, 2012 /PRNewswire/ - Mark E. Rose, Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today its acquisition of The Walsh Company, LLC, a leading multi-service advisory organization specializing in project management services throughout New York, New Jersey, Boston and Washington, DC.

The acquisition further expands Avison Young's market and business-line coverage across the Northeast U.S., particularly in the Tri-State market, where The Walsh Company is a recognized leader in its field. The change in ownership will add 53 employees to Avison Young's operations. Terms of the acquisition were not disclosed.

Effective immediately, Edward S. Walsh (founder and President of The Walsh Company) and Thomas J. Walsh (Managing Principal of The Walsh Company) join Avison Young as Principals. They each bring more than 25 years of industry experience to their roles and will be responsible for leading the growth and development of Avison Young's project management services platform in the Tri-State market and throughout the Northeast.

The Walsh Company's senior leadership comprises some of the most accomplished professionals in their respective disciplines. Key executives joining Avison Young 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 The Walsh Company's Boston office, will also continue in his role at Avison Young.

"We have established a track record of success by expanding our footprint in key markets through the strategic acquisition of well-entrenched, dominant firms such as The Walsh Company," comments Rose. "This partnership immediately establishes Avison Young as a leader in project management services, and is a strong catalyst for the continued growth of our market coverage."

Adds Rose: "The Walsh Company has forged a tremendous reputation in the industry, having managed some of the most high-profile construction and development projects in the New York Metropolitan Area. We are extremely pleased that this high-caliber company has chosen to build its future at Avison Young, and we look forward to the significant contributions the team will make in further enhancing our relationships and reach."

Founded in 2003, The Walsh Company provides a full range of development, site engineering, project management and construction management services to owners, investors, developers and tenants of office, retail, flex, hospitality and residential real estate. The firm's expertise includes: site evaluation, technical and operational lease consulting, design review, value engineering and pre-construction services, construction administration, furniture-procurement services and relocation coordination.

"Project management is a key component of our growth model, further enabling our organization to provide the comprehensive solutions our clients need to effectively position themselves in today's highly competitive and complex market," states Earl Webb, Avison Young's President, U.S. Operations. "Few firms have the deep industry relationships, expertise and credibility that The Walsh Company has established, and we are excited to capitalize on this partnership to further build our market share in the Tri-State region, as well as in the Boston and Washington, DC markets."

Today's announcement comes on the heels of Avison Young opening three offices in South Florida earlier this week, and the firm's first new office in New Jersey and third office in Los Angeles last month. The Walsh Company's current office at 1120 Headquarters Plaza in Morristown, NJ will become Avison Young's New Jersey headquarters.

Notes Arthur J. Mirante, II, Avison Young Principal and Tri-State President: "Ed, Tom and their team have demonstrated a commitment to excellence in client service that is highly compatible to Avison Young's business approach. There exists significant opportunity, particularly in the New York City market, to build upon the foundation that they have created to expand both existing and new client relationships. 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."

The Walsh Company has completed, or is currently managing, some of the region's most notable projects, including: BASF's 325,000-square-foot (sf) North American headquarters in Florham Park, NJ; Panasonic Corporation of North America's new U.S. headquarters in Newark, NJ; Wyndham Worldwide's new 250,000-sf world headquarters in Parsippany, NJ; 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.

"This acquisition reflects the strong emphasis that Avison Young places on partnering with companies that employ a client-centric business approach in order to deliver the highest-quality service," states Greg Kraut, Avison Young Principal and Managing Director of the company's New York City office. "The Walsh Company is the leading project management firm in New Jersey, and one of the most accomplished services firms of its kind in the region, and the company's decision to join our organization speaks to the culture of excellence Avison Young has established."

Over the past three and a half years, Avison Young has grown from 11 to 37 offices in 31 markets and from 300 to more than 1,000 real estate professionals across Canada and the U.S.

"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," states Edward Walsh. "As Avison Young continues its aggressive growth, this partnership will provide us with additional avenues to expand our client base, while supporting the company's mission to deliver fully integrated solutions across all of its business lines."

Adds Thomas Walsh: "We are pleased to be joining a firm that has built a high-quality reputation, and are confident that our existing clients will benefit from access to Avison Young's extensive platform of best-in-class resources and intellectual capital, as well as benefit from our enhanced position as a single-source solution for a full range of project management and advisory services."

Biographies

Edward S. Walsh
Edward Walsh most recently served as Managing Principal and President of The Walsh Company, a multi-service advisory organization that he founded in 2003 and grew into one of the leading client representation and project management services firms in the industry. His responsibilities encompassed overall management of the firm's activities, including business development, client management and assemblage of a more than 50-person team in five offices throughout the Northeast.

Before founding The Walsh Company, Walsh worked for more than 10 years as a Senior Vice-President at Gale & Wentworth, a diversified real estate investment and services firm. He began his career with Boswell Engineering and also previously held positions with Bomar Builders.

Walsh earned a Bachelor of Science degree in civil engineering from Villanova University and is a registered professional engineer in New Jersey. He is actively involved in helping to raise funds for several non-profit organizations in Morris and Somerset counties in New Jersey, and has been recognized for his philanthropic efforts on behalf of the American Cancer Society, Somerset Hills Learning Institute, Interfaith Food Pantry of Morristown and Family Services of Morris County. He was appointed to New Jersey Governor Chris Christie's environmental protection transition subcommittee in 2009 and is currently Chairman of the Board for the School Development Authority. Walsh is also a board member of the U.S. Green Building Council.

Thomas J. Walsh
Before joining Avison Young, Thomas Walsh was a Managing Principal at The Walsh Company, and was responsible for overseeing all of the firm's activities, including project management, development and construction. He has more than 35 years of industry experience and has constructed and developed more than 35 msf of properties throughout his career, including such significant projects as One Lincoln Street in Boston; The Center of Morris County in Parsippany, NJ; and Park Avenue of Morris County in Florham Park, NJ.

Prior to joining The Walsh Company, Walsh served as a Principal at Normandy Real Estate Partners where his responsibilities included managing development and construction activities throughout the Northeast. Previously, he was a Co-founder and President of The Gale Construction Company, where he managed the design and construction of the firm's development projects as well as created and oversaw the construction division, which provided general contracting and construction management services to third-party clients, including many Fortune 500 companies.

Walsh received his Bachelor of Engineering degree from Stevens Institute of Technology and is a registered professional engineer in New Jersey. Walsh has served on the Board of Trustees for PG Chambers School for the past eight years, the Board of Trustees for Delbarton School for the past six years, and the Board of the Patriots Path Council for the Boy Scouts of America for more than 15 years.

In February, Avison Young was named a winner of Canada's 50 Best Managed Companies program for 2011, sponsored by Deloitte, CIBC, National Post and Queen's School of Business.

Founded in 1978, Avison Young is Canada's largest independently-owned commercial real estate services company. Headquartered in Toronto, Ontario, Avison Young is also the largest Canadian-owned, principal-managed commercial real estate brokerage firm in North America. Comprising more than 1,000 real estate professionals in 37 offices across Canada and the U.S., the full-service commercial real estate company provides value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-residential properties.

For further information/comment/photos:

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• Elliot Baum, Principal and Vice-President of Marketing, New York, Avison Young: (212) 729-7465

Avison Young Media Relations:
• Sherry Quan, National Director of Communications & Media Relations, Avison Young:
  (604) 647-5098; cell: (604) 726-0959

• Mark Rose, Chair and CEO, Avison Young: (416) 673-4028

• Earl Webb, President, U.S. Operations, Avison Young: (312) 957-7610

www.avisonyoung.com

Avison Young is a winner of Canada's 50 Best Managed Companies program for 2011, sponsored by Deloitte, CIBC, National Post and Queen's School of Business

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SOURCE Avison Young (Canada) Inc.