Boston Realty Advisors CEO, Jason S. Weissman, talks about the impact of acquiring CL Properties, Boston’s No. 1 brokerage for buying and selling waterfront properties.
Boston Realty Advisors recently announced that it finalized its acquisition of CL Properties, the number one listing and selling brokerage company on Boston’s waterfront. The move consolidates Boston Realty Advisors’ strategy to control, in large part, the Boston luxury market.
The privately held firm, founded by CEO Jason S. Weissman, serves the residential, office and retail sectors of real estate. Advisors Living, the residential division of Boston Realty Advisors, works with luxury developers in Boston as an early stage consultant and advisor on zoning, architecture and amenities. It then exclusively manages the initial sale of newly developed projects.
However, Boston Realty Advisors has not traditionally handled resales, thus the CL Properties acquisition greatly expands its service offerings. The acquisition positions Boston Realty Advisors with the ability to service an asset from the ground up through multiple transactions.
I spoke with Weissman about the impact of the acquisition. I also spoke with Carmela Laurella of CL Waterfront Properties about how the acquisition works on her side of the equation.
It seems that so many companies are in growth mode. How is your strategy different from other brokerage firms?
Weissman: Boston Realty Advisors has been in growth mode through a combination of organic expansion, such as our new Nantucket office, and ongoing evaluation and acquisition of both boutique brokerage and management firms.
One of the ways our acquisition to growth strategy differs from other firms is because we are using our own capital. We plan for and achieve growth organically, with the company’s balance sheet. That puts us in a better position once the acquisition is made, in contrast to other firms who go in debt to acquire and then are unable to take full advantage of the acquisition due to the debt they’ve taken on.
As your name suggests, you seem to be focused on a single market — Boston — rather than looking to widespread geographic expansion in order to build your brand. How does that work for your business model?
Weissman: Category-differentiated focus on a single market means that we are all about genuine market expertise, as opposed to growth for growth’s sake. We plan to aggressively source top-performing residential brokerage companies to acquire in 2019. Analogous to what we just did with CL Properties in the Waterfront, Seaport and North End, we will continue to pursue category killers in their respective submarkets.
How does the CL Properties acquisition work for your firm and for the Boston real estate market?
Weissman: Our new front door on the Waterfront is a natural expansion for Boston Realty Advisors. Our new partners at CL Properties are a seasoned and respected group that continues to innovate, with the sophistication to attract the most notable listings and consistently achieve top dollar per square foot.
Carmela and her team are experts in their lane, known for providing quality service to both sellers and buyers of extraordinary properties. They think about the customer and consistently achieve top dollar per square foot. Every assignment becomes part of their unique DNA. When they get a listing, they are already familiar with the floor plan and building amenities, as it’s likely they resold the residences on the rest of the given floor.
How does the company culture of Boston Realty Advisors mesh with the one you’ve built at CL Waterfront Properties?
Laurella: The new partnership is a natural fit. Like us, Boston Realty Advisors is a data driven company with unparalleled service and performance. The synergy of our combined talents and efforts will be a net positive for our clients. We’re excited about the expanded reach and maximum exposure our new parent company will provide our team.
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