FirstService Residential Establishes the Market Leader in Chicago
February 12 2019 - 7:30AM
FirstService Corporation (TSX: FSV; NASDAQ: FSV) announced today
that FirstService Residential, the North American property
management leader, is significantly expanding its Chicago
residential property management portfolio with the acquisition of
Lieberman Management Services, Inc. At the same time, FirstService
is also partnering with Draper & Kramer, Incorporated to
transition its Chicago-based condominium division, DK Condo, to
FirstService Residential. Terms of both transactions were not
disclosed.
Founded in 1971, Lieberman is a leading
residential property management firm in the Chicago metropolitan
area – the third largest market in the United States. The addition
of Lieberman, with its 250 properties and 40,000 units under
management, will triple the size of FirstService Residential’s
client base in the Chicago area and bring its total portfolio to
more than 8,500 properties and over 1.7 million residential units
throughout North America. Day-to-day operations for Lieberman will
continue to be led by CEO Carla Kennedy and her exceptional
leadership team, each of whom have been with the company for more
than a decade.
“We are delighted to add this important Chicago
market leader to our portfolio,” said FirstService Residential CEO
Chuck Fallon. “Lieberman’s business is highly complementary with
ours and its clients will benefit from many of the proprietary
programs we can provide as the largest player in our industry.
Their diverse footprint in the Chicago area and strong management
team and entrepreneurial culture align perfectly with our own. We
welcome every member of the Lieberman organization and look forward
to their contributions in enhancing services to our clients and
growing our business in the region for many years to come.”
FirstService Residential, which currently
manages the largest portfolio of luxury condominiums in North
America, continues its growth in the Chicago area with a recent
strategic partnership with Draper & Kramer, who have made the
decision to exit the condominium management sector. Draper
& Kramer has agreed to assist in the transition of clients in
the condominium management division to FirstService Residential. As
part of the partnership, Vice President Ian Novak will become Vice
President of FirstService Residential and will be joined by his
entire team of more than 100 licensed community association
managers.
“The opportunity to continue to work with Draper
& Kramer, the gold standard for high-rise condominiums in the
market, further bolsters our strategic advantage in Chicago,” added
Chuck Fallon. “FirstService Residential has an extensive team of
associates with expertise in condominiums and luxury high-rises
ready to collaborate with the talented management at these
communities to continue delivering seamless, first-class
service.”
ABOUT FIRSTSERVICE
CORPORATION
FirstService Corporation is a North
American leader in the property services sector, serving its
customers through two industry-leading service
platforms: FirstService Residential, North America's largest
manager of residential communities; and FirstService Brands,
one of North America's largest providers of essential property
services delivered through individually branded franchise systems
and company-owned operations.
FirstService generates more than US$1.9 billion
in annual revenues and has more than 20,000 employees across North
America. With significant insider ownership and an experienced
management team, FirstService has a long-term track record of
creating value and superior returns for shareholders. The
Subordinate Voting Shares of FirstService trade on the NASDAQ and
the Toronto Stock Exchange under the symbol "FSV".
For the latest news from FirstService Corporation, visit
FirstService.com
COMPANY CONTACTS:
Jeremy
RakusinCFOFirstService
Corporation(416) 960-9500
Chuck
FallonCEOFirstService
Residential(954) 926-2921
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