Chicago-based Cresa acquired Philadelphia project management firm NorthStar Owners Representation as part of its bid to establish a larger national presence.
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As a result of the move, the number of employees at the real estate brokerage's local office will increase from 20 to 31, the Philadelphia Business Journal reports. The financial terms of the deal weren't disclosed.
NorthStar's expertise in project management can serve as a standalone service or work in tandem with Cresa’s tenant representation services, Cresa Philadelphia Market Leader Tony Juliano told the PBJ.
NorthStar has worked with a host of nonprofits, which will add new revenue to Cresa's market vertical, Juliano said. Cresa isn't immediately looking to acquire more companies in Philadelphia, but it is in “M&A mode,” he told the outlet.
“That’s Cresa’s national strategy right now,” he said.
In the past 12 months, Cresa has acquired a pair of commercial real estate firms, in line with its mission to increase M&A.
In June, the company scooped up the Houston brokerage Fritsche Anderson Realty Partners and added Fritsche's 11 brokers to Cresa’s Houston team. Last September, Cresa acquired the Detroit-based Axiom Advisory Group and absorbed its eight-person staff.
Cresa purchased New York-based brokerage Vicus Partners last summer. The company also merged with Global Food Properties in April to establish a food, ingredient and nutrition manufacturing and R&D practice.
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