Domain Companies Scoops Up Vorea Group in Latest Acquisition

Real estate development and investment firm The Domain Companies has acquired The Vorea Group, a real estate company with several affiliates, the companies announced. 

Domain Companies declined to provide any financial details relating to the acquisition, which includes Vorea’s development operations as well as the affiliates Igloo and Vorea Construction Company. 

Igloo is a commercial real estate brokerage with a focus on food and beverage, retail, and the creative office that was founded by Adam Joly in 2016. Joly will continue to lead Igloo, according to a statement from Domain. The company sees Igloo as a complementary business to its Good Company leasing platform. Joly did not immediately respond to a request for comment. 

“Domain and Vorea have had a long-standing relationship as partners on several significant projects, and this transaction is a seamless strategic decision, enabling us to build upon the successes we have shared over the past decade,” Chris Papamichael, co-CEO at Domain Companies, said in the statement. “Vorea Construction and Igloo perfectly complement Domain’s existing businesses, empowering us to create best-in-class assets that will have a lasting impact in neighborhoods throughout New York City.”

Prior to the acquisition, Domain and Vorea partnered on several projects including the residential developments 420 Carroll Street in Gowanus, Brooklyn; the Jasper at 50th Avenue and Fifth Street in Long Island City, Queens; and 1133 Manhattan Avenue in Brooklyn, among others. 

“This milestone is a testament to our team’s successful track record of delivering world-class projects over the past 16 years, and joining Domain is an exciting step forward,” Peter Papamichael, founder and principal of Vorea Group — and cousin to Domain’s co-founder – said in the statement. “By joining Domain, we bring Vorea’s entrepreneurial spirit and proven expertise into a broader platform. Together we amplify our reach, innovate boldly, and set a new standard for transformative projects in our core markets.”

Domain said it has about $2 billion in new projects planned in its New York City pipeline. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.