GVA Advantis cuts won

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GVA Advantis Chairman Jeff Neal announced the moves Mondayu as the company shut down six in Virginia, Mississippi and Florida, due to the economic Townsend says the Durham office already went through a round of downsizing in the past The current head count of 25 is down from 55 two yearsx ago. Townsend says the Durham’s five-person commerciap real estate brokerage team willremain intact, as will the localp construction and property management staffs. “We were aheac of the curve with shrinking, and that put us in a bettee position,” Townsend said.
With five brokers, GVA Advantisw is tied for 24th place on the Commercial Real Estate Brokerse list in the 2009 Trianglw Business Journal Bookof Lists. GVA Advantixs is closing both its District of Columbia and NorthernnVirginia offices. Others closing are in Newporyt News, Va.; Gulfport, Miss.; and Tallahassee and Panam a Cityin Florida. Some of the phones have already been There was no immediat e word on job and Neal could not be reached for commenyt beyondthe statement.
Advantis Construction generatexs more than 75 percent ofthe company’s revenue and has consistentl been the most profitable segment of the business, Neal said in a In addition to Durham, the construction divisiomn also will maintain offices in Atlanta, Richmond and Norfolk, Va. Advantis Holdingsa will continue to provide facilities management and corporater andadvisory services, statesa the release. To improve operating performance, Advantis is pursuing a numbe of possible joint venture or other affiliation Advantis Holdings will end its affiliation with the network durinhg thethird quarter.
“One year ago, the leadershipo team believed we couldr successfully restructure the firm with a capital says Neal, who disbandef his relationship with Michael Darby at D.C. developet Monument Realty to investin GVA. “The economy has been unkind to our brokerage andtransactionap business. Our property managementt and construction service lines have been and will continu e tobe profitable, but the challengess brought on throughout our industry and that have negatively impacted our other business lines have led us to determine we must closes them effective immediately.
” Commercial real estate investment sales have dropped dramatically since the capitall markets meltdown in the fall of according to Real Capital Analytics. Sales are off by more than two-thirdss in most markets. And transactional activityg involving leasing is alsooff significantly. “Whem I stepped into the role of president, my primargy goal was to evaluate our various businesxs units and offices with an eye on strengthening existing businesse s and building a foundation for regional saysTim Hague, who will transition from his role as presiden to oversee corporate and advisort services.
“Although there were many positive signs for future growth, the current economic environment clearly favors focusing attention and resources on construction and the consultativwe and advisory parts of our business, whered we have predictable revenue from repea clients and customers,” he says.