CBRE acquires IVI International in Westchester
The head of IVI International Inc., a family-owned construction consulting business headquartered on the Platinum Mile in Harrison, said he expects the company to double the size of its operations in the next five years after its recent acquisition by CBRE Group Inc.
Terms of the purchase were not disclosed by the two companies when announcing the deal on Monday. CBRE also acquired IVI International”™s related companies.
Founded in 1973 as Inspection & Valuation International by Tancredi M. de Stefanis, a commercial construction contractor in Westchester, IVI has grown to include 200 employees nationwide under the direction of the founder”™s sons, Carl, Mario and Mark de Stefanis.
The company, which provides construction risk management, construction cost recovery, due diligence, environmental, property condition and other consulting services for the industry”™s lending institutions and equity investors, has outgrown its headquarters space on West Red Oak Lane in Harrison. The firm has provided services to lenders and investors on more than $50 billion of real estate projects across the U.S., according to CBRE.
Mark de Stefanis, director of business operations, said IVI will keep its name under CBRE”™s ownership “because of the goodwill attached to that name. ”¦ We want to leverage that as long as we can.”
No office consolidations or staff reductions are planned at this time, de Stefanis said. IVI has regional offices in Miami, Dallas, Los Angeles and Bethesda, Md.
With business growing at an expected 20 percent to 30 percent this year and the company now providing construction risk management advice on about 400 projects nationwide, “Certainly we need all hands on deck,” said de Stefanis. “We”™re extremely busy.”
“IVI and all its folks are coming over” to CBRE with the acquisition, said CBRE spokesman Robert McGrath, confirming that no layoffs are planned.
Mark de Stefanis, who has served as president of a related IVI business, Construction Cost Recovery Inc., said the acquired company has a vast and valuable construction cost database that can be more fully leveraged through CBRE for use by real estate owners and other clients. “It allows us to open up another line of business,” he said.
As a national leader in construction risk management, IVI also brings to CBRE an added service for clients that has been “relatively untapped by CBRE,” he said.
CBRE officials in the announcement said IVI will complement and enhance the expertise of CBRE”™s existing Valuation and Advisory Services team, including assessment and consulting professionals, in the Americas. CBRE”™s advisory services division employs more than 1,700 professionals worldwide in more than 300 major metropolitan areas, the company said.
“IVI has a 40-plus-year record of providing insight and analysis that helps investors, lenders and occupiers manage risk,” said Thomas B. McDonnell, president of CBRE”™s Americas Valuation & Advisory Service. “Adding IVI”™s accomplished team to our existing capabilities provides a highly sought after service that we can now offer our investor, developer and lender clients throughout the country.”
Mark de Stefanis will serve as senior managing director in charge of IVI”™s entire operation with CBRE, he said. His brother Carl, who served as CEO of the family”™s second-generation business, will provide consulting services as needed along with brother Mario.
“Joining CBRE is a big win for both our clients and employees,” de Stefanis said. “CBRE affords us a significantly broader platform ”“ both geographically and across an array of services ”“ to serve our clients, and our people will have enhanced career development opportunities as we integrate with CBRE”™s professionals across the country and around the world.”
Selling the IVI business was “tough” for its family owners, said de Stefanis.
“This was Carl”™s baby. I helped work in it with him and Mario and grew it to where it is today. I needed some convincing” to proceed with the sale. Working 11 months on the deal with CBRE professionals, he developed trust in IVI”™s new partners and owner, he said.
“I certainly see in the next five years we can double the size of our operation with the CBRE platform,” de Stefanis said.