KLNB Acquires Edge to Merge 2 DC-Area Brokerage Firms
By Keith Loria February 21, 2023 3:16 pmreprints
KLNB, a mid-Atlantic CRE brokerage firm, is growing its reach.
The company acquired Edge Commercial Real Estate, a 16-year-old Rockville, Md.-based brokerage with offices in Maryland, Virginia, and Washington, D.C. The financial details of the acquisition have not been disclosed, but the transaction includes all of Edge’s assets, according to KLNB.
“The acquisition of Edge fits perfectly in our timeline for smart and disciplined progression,” Marc Menick, KLNB’s president, said in a prepared statement. “Our evolution has always been calculated to ensure it makes sense for our team and our clients.”
Edge’s founder and managing partner Joe Sutton announced in 2021 that he would be leaving the firm, leading to the opportunity for the sale. The rest of the Edge team will be heading to KLNB.
With the addition of Edge to its company, KLNB will grow by approximately 20 percent, adding 32 employees and its first office in Montgomery County. Six of the brokers will be immediately installed as principal partners at KLNB.
The deal also presents KLNB with an opportunity to expand into the multifamily market, another pillar KLNB had been looking to create. Edge has long been a large player in multifamily real estate with $9.5 billion in mid-Atlantic sales and a 99 percent closing ratio on listings.
“By acquiring Edge, we will be able to do virtually everything we’re already known for, but at an even higher level and a wider reach,” Menick said. “And in the case of multifamily, this opportunity brings the KLNB customer experience to a whole new sector that we have wanted to approach for some time.”
KLNB had its strongest year to date in 2022, generating $1.8 billion in transaction volume and 1,170 transactions, according to the company.
Keith Loria can be reached at Kloria@commercialobserver.com.