Effective immediately, Avison Young will assume operation of Alter Asset Management’s (AAM) 1 million square feet of class A office property management assignments across multiple states. The portfolio includes properties in Illinois, as well as Pennsylvania, Georgia and New Jersey. The portfolio includes properties owned by AAM’s parent, national developer Alter, as well as other third-party ownership groups.
“We are pleased to transition the national portfolio to a firm of the quality of Avison Young,” said Samuel F. Gould, president of Alter Asset Management. “Over the last half century, our firm has built one of the country’s most elite teams, committed to optimizing the tenant experience and driving NOI on behalf of our clients.” In January, Gould announced his planned retirement from AAM.
Over the next 24 months, Alter will have close to two million square feet of new development underway across the country for both Fortune 500 and entrepreneurial companies. Founded in 1971 as Pan American Management, Alter Asset Management was established in 1989. Originally created to be stewards of Alter’s substantial national portfolio of office, medical office, industrial and retail buildings, as well as its land holdings, the in-house group was often engaged by buyers and tenants to continue leasing and managing their assets.
Globally, Avison Young manages a portfolio of approximately 300 million square feet of commercial real estate, offering a full suite of property and facilities management services to owners of office, industrial, multi-amily, retail, medical office and flex space.