KLNB Acquires Edge Commercial Real Estate
KLNB has acquired Rockville, MD-based Edge Commercial Real Estate in a deal that brings to KLNB an additional 32 employees, including 18 brokers who specialize in multiple facets of office, industrial, tenant representation and multifamily investment sales and leasing. Six of the brokers will be immediately installed as principal partners at KLNB.
According to KLNB, the transaction includes substantially all of Edge Commercial Real Estate’s assets and delivers significant advantages for KLNB’s office and industrial tenant rep components, a specialty that is responsible for two-thirds of Edge Commercial Real Estate’s revenue.
The acquisition also provides KLNB with immediate expansion into the multifamily market, stated the company in a media release. Finally, KLNB’s property management portfolio will also increase given Edge Commercial Real Estate’s regional portfolio of over one million square feet of property management and engineering assignments.
“By acquiring Edge Commercial Real Estate, we will be able to do virtually everything we’re already known for, but at an even higher level and a wider reach,” said KLNB president Marc Menick, who also pointed out that KLNB was eager to take advantage of Edge Commercial Real Estate’s presence in Montgomery County. “And in the case of multifamily, this opportunity brings the KLNB customer experience to a whole new sector that we have wanted to approach for some time.”
“In many ways KLNB is the firm that Edge Commercial Real Estate Services was already starting to become,” says Marc Balamaci, current Edge Commercial Real Estate Partner and future KLNB partner, Marc Balamaci. “The discussions that we had with Marc [Menick] and his team over the last few years made it clear that KLNB was a natural fit and offered a truly mutual benefit across all of our disciplines.”