Avison Young Boosts DC Office With Acquisition of BMS Realty
Toronto-based Avison Young has acquired Washington, D.C.-based BMS Realty Services, expanding the firm’s property management segment in the D.C. Metro area, according to Avison Young.
BMS has been rebranded as Avison Young, with 23 BMS employees coming on board. The founder of BMS, Larry McCulley, will serve as Avison Young’s executive vice president of real estate management services in the D.C. office.
“We’ve known Larry for a long time. The opportunity presented itself and we couldn’t pass on partnering with a highly-regarded firm,” Josh Peyton, a principal and managing director at Avison Young’s D.C. Metro offices, told Commercial Observer. “Our goal for 2020 was to grow our property management business in the downtown D.C. and Northern Virginia submarkets. By acquiring BMS, we now entered the highly competitive downtown market, and will continue to look to expand our portfolio.”
BMS, which was founded in 1999, has long been one of D.C.’s leading property management companies, handling everything from operations to financial reporting to maximizing tenant retention and satisfaction. At the time of the deal, the company had nearly 1.7 million square feet of institutional commercial properties under management.
“As a principal-owned and led firm, our culture is driven by putting the client first,” Peyton said. “BMS also has a very client-first mindset and business model, so it was a perfect match for how we operate our business.”
Peyton and McCulley will work side-by-side in representing clients in the D.C. Metro region.
“We will continue to look for ways to expand the service line and provide our clients with first-class service,” Peyton said.