Coldwell Banker Commercial Alliance has acquired commercial real estate brokerage Tarter Stats O’Toole, The Commercial Observer has learned. The firm, which specializes in landlord representation, has joined CBC Alliance’s growing New York office.
The deal is the result of a year of work, during which CBC Alliance evaluated a number of firms for potential acquisition. In the end, it was TSO’s track record of performance and growth in agency work which led to advanced discussions.
“They’ve historically been growing every year and have a desire to take the business to the next level,” said Obie Walli, chief executive of CBC Alliance. Mr. Walli declined to comment on the financial details of the deal.
TSO had been approached by a number of firms to discuss a merger in 2013, according to Catherine O’Toole, who will assume the title of managing principal with CBC Alliance, but the brokerage declined those offers. The CBC Alliance deal, however, was too big of an opportunity to turn down.
“The Tarter Stats O’Toole group is going to blend into Coldwell Banker Commercial Alliance,” Ms. O’Toole told The Commercial Observer. “We never had the ability to offer management services and now we can offer management and creative financing.”
With its growing list of capabilities, Peter Sabesan, managing principal in CBC Alliance’s New York office, expects the newly expanded office to win a number of coveted leasing and management assignments. “Their culture meshed with our culture and their business focus was completely different than our focus,” he said.
TSO acts as exclusive broker for over 3 million square feet of properties, including the assets of prominent landlords such as Lincoln Property Group, Hartz Mountain and Renaissance Properties. The firm’s clients are excited about the potential growth opportunities the merger stands to create, Ms. O’Toole said.
“Our owners are absolutely ecstatic,” she said. “We had to make sure they understood and saw the vision we had.”
CBC Alliance, which now boasts a headcount of approximately 35, expects to move into new offices in June to accommodate the firm’s growth. The company is currently evaluating a number of potential spaces.