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A national real estate services firm with 59 offices and over $13B in deals closed last year is looking to break into the D.C. market.
Lee & Associates announced Tuesday it is searching for an office in D.C. and plans to open within the next two years.
The company opened a Maryland office in 2013 in Columbia. The D.C. office would oversee its operations in the District and Northern Virginia, two areas it hopes to grow its presence. Lee & Associates Maryland President Allan Riorda said it is looking for an office location now and will then begin recruiting.
“The D.C./Northern Virginia office will leverage and expand upon the tremendous relationships our Maryland team has created and fostered among commercial real estate owners, investors, companies, brokerage firms and related professionals,” Riorda said in a release. “We currently service sections of that region and believe existing fundamentals including a diverse corporate base, proximity to the federal government, a strong labor market and modern infrastructure network will continue to build momentum in the foreseeable future."
Lee & Associates offers several real estate services, such as brokerage, property management, valuation, asset management and finance. It works in the office, industrial, retail, multifamily, land and investment markets.
The company was founded in 1979 in Orange County, California. It spent the next two decades opening new offices across the West Coast before opening in Chicago in 2002, Atlanta in 2010, New York City in 2011 and Houston in 2015. This year, it opened offices in Miami, Cincinnati and Raleigh, North Carolina, bringing its total footprint to 59 offices across the U.S. and Canada.
In 2017, Lee & Associates closed $13B worth of transactions, an 85% increase over the last five years. The company says it is the largest broker-owned commercial real estate firm in North America.
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