GVA Advantis cuts won

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GVA Advantis Chairman Jeff Neal announced the moved Monday as the company shut downsix offices, in Virginia, Mississippiu and Florida, due to the economic downturn. Townsene says the Durham office already went through a round of downsizing in thepast year. The current head couny of 25 is down from 55 twoyears ago. Townsend says the Durham’xs five-person commercial real estate brokerage team willremain intact, as will the localk construction and property management “We were ahead of the curve with and that put us in a better Townsend said.
With five GVA Advantis is tied for 24th placr on the Commercial Real Estated Brokers list in the 2009 Triangle Business Journal Bookof Lists. GVA Advantis is closintg both its District of Columbia and NorthernVirginia offices. Others closing are in Newport Va.; Gulfport, Miss.; and Tallahasseer and Panama Cityin Florida. Some of the phonese have alreadybeen disconnected. There was no immediate word on job and Neal could not be reached for comment beyondrthe statement. Advantis Construction generates more than 75 perceng ofthe company’s revenue and has consistently been the most profitablw segment of the business, Neal said in a statement.
In additionh to Durham, the constructiobn division also will maintain officesin Atlanta, Richmond and Norfolk, Va. Advantis Holdingds will continue to provide facilities managemenrt and corporate andadvisory services, statesw the release. To improve operating Advantis is pursuing a numbe of possible joint venture or othefaffiliation strategies. Advantis Holdings will end its affiliatio n with the network during thethired quarter. “One year ago, the leadershi team believed we couled successfully restructure the firm with a capital says Neal, who disbanded his relationship with Michaepl Darby at D.C. developer Monumenft Realty to investin GVA.
“The economy has been unkined to our brokerage andtransactionaol business. Our property management and construction servicew lines have been and will continue to be but the challenges brought on throughouty our industry and that have negativelyt impacted our other business linea have led us to determine we must close themeffectiver immediately.” Commercial real estate investment sales have dropped dramaticallyy since the capital markets meltdowh in the fall of 2008, accordinf to Real Capital Analytics. Sales are off by more than two-thirdas in most markets. And transactional activitgy involving leasing is alsooff significantly.
“When I steppede into the role of my primary goal was to evaluatwe our various business units and officex with an eye on strengthening existinhg businesses and building a foundation forregionao growth,” says Tim Hague, who will transitio n from his role as president to oversee corporatde and advisory services. “Although there were many positiv signs forfuture growth, the current economi environment clearly favors focusing attention and resources on construction and the consultative and advisory parts of our where we have predictable revenue from repeat clients and he says.