Karen Widmayer
The J Street Companies, one of the Washington area’s leading commercial and residential real estate companies through affiliates Randall Hagner and J Street Development, have reached a merger agreement in principle with the Woodmark Companies, a highly respected commercial real estate firm offering specialized expertise in property management, leasing, and investment services.
Woodmark was founded in 1995 by principals Edwin Beanblossom and Stan Ferenc. Over the last ten years, Woodmark has completed approximately 550 transactions with an aggregate value of more than $870 million, including 2.6 million square feet of leases and over 700,000 square feet of sales. The company manages a portfolio of 4.3 million square feet in Washington, D.C., close-in Northern Virginia, Baltimore, Maryland and Dallas, Texas. Ranked consistently by the Washington Business Journal in the Top 25 Commercial Real Estate Leasing and Property Management Companies in the Washington, D.C. Metro Area, the firm has earned the business of major owners including Kondobo, RREEF Funds, Starwood Capital Group, The Bernstein Companies, Royal Dutch Shell and tenants like Washington Gas, Battelle Memorial Institute and Reading is Fundamental.
J Street Companies Chairman, Bruce Baschuk, commented on the merger, stating, “The Woodmark merger demonstrates J Street’s plan to grow and become a regional leader in residential and commercial real estate. For us, Woodmark adds an outstanding commercial Class A managed portfolio and augments our brokerage business. Beyond the obvious fit of the company’s business lines, there is great synergy with our leaders, a meeting of the minds on culture and integrity and great determination to bring our customers the best services in the region.”
Woodmark Companies Principal, Geoff Kieffer, said, “The principals of both companies have known and admired each other for 25 years and this merger is, in many ways, a natural evolution of two companies intent on becoming the best at what they do and finding innovative ways to do that.” Mr. Kieffer continued, “This merger gives Woodmark the opportunity to participate in a diversified business model, with residential and development service lines.”
J Street’s announcement today follows a year of growth following the acquisition, slightly over a year ago, of Randall Hagner. In August, veteran commercial services leader and former President and CEO of GVA Advantis, Petch Gibbons, took the helm of Randall Hagner as President. In 2007, despite challenging economic conditions in both commercial and residential markets, Mr. Gibbons guided the company to success in a number of areas including the recruitment of additional senior and highly experienced brokers from major local real estate firms in the areas of commercial leasing and sales in both the downtown Washington, D.C. and Northern Virginia offices.
Mr. Gibbons commented, “I was extraordinarily proud last summer to take the helm of a 104-year old company with such incredible enthusiasm, talent and local knowledge. Taking that business and those professionals forward under the Woodmark banner -- a company with an enviable track record in its own right -- is an incredible opportunity for all of us. We firmly believe that with this exceptional commercial services platform, we will be able to provide the very best to our clients.”
Going forward, the extensive Randall Hagner commercial service lines will operate under the Woodmark banner so that the J Street Companies will now be known through three highly-regarded and branded companies: Randall Hagner Residential, J Street Development and Woodmark for all commercial leasing, sales and property management business.
About The J Street Companies
The J Street Companies, through affiliated companies Randall Hagner, J Street Development and now, Woodmark Companies, offer a complete array of real estate services including commercial sales and leasing, residential sales, property management, development, project management and capital markets.