Commercial real estate services firm Avison Young is significantly ramping up in South Florida through an agreement to acquire Miami-based Abood Wood-Fay Real Estate Group LLC, which operates as Colliers International South Florida.
The deal is expected to close within the next 30 days, according to Monday’s announcement from Toronto-based Avison. Terms were not disclosed. About 70 employees from Abood Wood-Fay are slated to join Avison’s South Florida offices.
Once the agreement closes, Donna Abood and Michael Fay will become Avison Young principals and managing directors of the firm’s Miami office. Abood Wood-Fay executive vice president John Crotty will also become an Avison principal. The deal brings Avison’s Florida leasing and investment sales property portfolio to 20 million square feet. Its property management portfolio will rise to 11 million square feet in Florida.
Avison opened its first South Florida offices in October 2012. — Eric Kalis