GVA Advantis cuts won

GVA Advantis Chairman Jeff Neal announced the moves Mondaty as the company shut down six in Virginia, Mississippi and due to the economic downturn. Townsensd says the Durham office already went through a round of downsizing in the past The current head count of 25 is down from 55 twoyearsz ago. Townsend says the Durham’s five-personm commercial real estate brokeragew team willremain intact, as will the local construction and propert management staffs. “We were ahead of the curve with shrinking, and that put us in a bettedr position,” Townsend said.
With five brokers, GVA Advantiz is tied for 24th place on the Commercialo Real Estate Brokers list in the 2009 Triangld Business Journal Bookof Lists. GVA Advanti is closing both its District of Columbia and NorthernVirginiza offices. Others closing are in Newporty News, Va.; Gulfport, Miss.; and Tallahassee and Panama City in Some of the phones have alreadyybeen disconnected. There was no immediatr word onjob losses, and Neal couldr not be reached for comment beyond the Advantis Construction generates more than 75 percent of the company’z revenue and has consistently been the most profitabld segment of the business, Neal said in a In addition to Durham, the construction division also will maintai offices in Tampa, Atlanta, Richmonde and Norfolk, Va.
Advantis Holdingd will continue to provide facilitiesd management and corporate andadvisory services, statesx the release. To improve operating performance, Advantis is pursuing a numbef of possible joint venture or other affiliation Advantis Holdings will end its affiliation with the network during thethird quarter. “Onre year ago, the leadership team believed we could successfully restructure the firm with acapital infusion,” says who disbanded his relationship with Michael Darbt at D.C. developer Monument Realty to investin GVA. “The economyg has been unkind to our brokerage andtransactionalk business.
Our property management and constructioh service lines have been and will continue tobe profitable, but the challengesd brought on throughout our industry and that have negatively impactede our other business lines have led us to determiner we must close them effectivew immediately.” Commercial real estat e investment sales have dropped dramatically since the capitakl markets meltdown in the fall of according to Real Capital Analytics. Sales are off by more than two-thirdds in most markets. And transactional activity involving leasingy is alsooff significantly.
“When I steppeed into the role of president, my primaryt goal was to evaluatd our various business units and offices with an eye on strengtheningg existing businesses and building a foundation for regional saysTim Hague, who will transitiom from his role as president to oversee corporate and advisorgy services. “Although there were many positiver signs forfuture growth, the current economic environment clearlyy favors focusing attention and resources on construction and the consultativwe and advisory parts of our business, where we have predictabl e revenue from repeat clients and he says.

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