The deal will expand BBG’s valuation litigation services in the region and nationwide, it said. This will be BBG’s third office in the Northeast and 36th office nationally.
BBG said it has named Louis Yorey to serve as senior managing director of the New Jersey office and Louis S. Izenberg, president of Izenberg Appraisal, as managing director of the New Jersey office. Yorey will remain as the national practice leader of BBG’s Advisory Services.
“With New Jersey being one of the highest-density states in the country with an active commercial real estate market, it made perfect sense for BBG to expand its presence here. But rather than open a new office, the best option was to acquire a highly regarded New Jersey firm with a reputation of providing excellent client service and extensive local market knowledge. Izenberg Appraisal Associates more than met this criteria in our acquisition search. We are extremely fortunate to have his firm join BBG,” Yorey said.
Izenberg Appraisal’s employees will also join the BBG office.
“We are thrilled to join BBG in its mission to deliver the best possible outcomes for clients. BBG’s full-service solutions across all property types, its national reach and significant resources, combined with our firm’s extensive knowledge of the New Jersey market and expertise in litigation support and other service lines, will greatly benefit existing and prospective clients,” Izenberg said.
Financial terms of the deal were not disclosed.
“Our acquisition of Izenberg Appraisal Associates significantly broadens our footprint in the Northeast and further establishes BBG as one of the country’s leading commercial real estate due diligence firms. With this acquisition, we have added appreciably to our litigation support, valuation and other services. We are very excited about Louis Izenberg and his team joining our group of accomplished and dedicated professionals in delivering the highest-quality results for our clients and continuing to drive BBG’s future growth,” BBG CEO Chris Roach said.