Real estate firm FHO sold to national player
FHO Partners, a Boston real estate firm, is being acquired by Cassidy Turley, a national company that is expanding into commercial property markets across the United States, the firms said yesterday.
FHO Partners, founded in 2007, will eventually be known as Cassidy Turley FHO. FHO has 47 employees and is among the top brokerage and advisory firms in the Boston market.
“We were attracted to FHO Partners’ client-focused approach, strength in tenant representation and consulting, and deep understanding of local commercial real estate submarkets and trends,’’ said Mark E. Burkhart, Cassidy Turley’s chief executive.
“Securing a presence in Greater Boston, one of the nation’s strongest commercial real estate markets, is a critical component of our strategic growth plan.’’
Principals of the firms declined to disclose financial details of the transaction.
Cassidy Turley is a commercial real estate company with more than 3,400 employees in more than 60 offices.
It has been acquiring firms in urban markets in the past 18 months and represents clients ranging from small businesses to Fortune 500 companies.
The firm completed transactions valued at $18 billion in 2010 and manages 455 million square feet on behalf of clients.
FHO was started by a small group of Massachusetts real estate executives who broke off from Trammell Crow Co. when it merged with CB Richard Ellis in 2006.
Managing Partner Joe Fallon will continue to oversee the daily operations of the Cassidy Turley FHO office and will work with Cassidy Turley executives to introduce new services, including project management, property management, and capital markets.
“The big driver behind this is what it will allow us to do for our customers,’’ Fallon said.
“When we started this firm 4 1/2 years ago, we said that if we could find the right partner it would be a good thing to be able to offer a broader footprint of services to our clients.’’
Fallon and Burkhart said they intend to add employees in Boston in coming years but did not offer a timetable.
“We’ll have plenty of room to grow in Boston,’’ Burkhart said. “We’re hiring a lot of people throughout the firm in one of the worst economies I’ve seen in my 34 years in the business.’’
Casey Ross can be reached at firstname.lastname@example.org.