Cresa has acquired Philadelphia project management firm NorthStar Owners Representation, increasing the real estate brokerage's local office from 20 employees to 31.
The 25-year old NorthStar was led by Principal and Managing Director Ron Street, Principal Anne McFadden and President Rosella Harvey. The trio along with eight other employees have agreed to become part of Chicago-based Cresa's Philadelphia office at Three Logan Square.
Cresa declined to share the terms of the acquisition.
NorthStar specialized in advising clients with capital projects like construction and renovations that involve overseeing contractors, budgets and timing. Cresa Philadelphia Market Leader Tony Juliano said it's a complementary service to offer clients in addition to Cresa's existing tenant representation brokerage services.
"It's really a value-add service for any of our occupier clients delivering any sort of capital project," Juliano said.
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NorthStar has also worked with clients in Florida, Washington, D.C., Boston and New York. Juliano said Cresa's platform can help NorthStar branch out and increase its client base.
Cresa's Philadelphia office had 12 people when Juliano took over as market leader in October 2021. Less than three years later, that total is two and a half times as many.
Juliano said more mergers and acquisitions in Philadelphia aren't imminent, but "I'm always having those conversations." Across the country, Juliano said Cresa is in "M&A mode."
"That's Cresa's national strategy right now," he said.
View the article in it's entirety in the Philadelphia Business Journal.