GVA Advantis cuts won

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GVA Advantis Chairman Jeff Neal announcef the moves Monday as the company shut down six in Virginia, Mississippi and Florida, due to the economicv downturn. Townsend says the Durham officee already went through a roundr of downsizing in the past The current head count of 25 is down from 55 twoyeares ago. Townsend says the Durham’s five-persomn commercial real estate brokerage team will remain as will the local construction and propertumanagement staffs. “We were ahead of the curve with and that put us in a better position,” Townsend said.
With five brokers, GVA Advantis is tied for 24th placed on the Commercial Real Estatde Brokers list in the 2009 Triangle Business Journal Bookof Lists. GVA Advantis is closinyg both its District of Columbia and Northern Virginia Others closing are inNewport Va.; Gulfport, Miss.; and Tallahassee and Panama City in Some of the phones have alreaduy been disconnected. There was no immediate word on job and Neal could not be reached for commeng beyondthe statement.
Advantis Constructioj generates more than 75 percent ofthe company’se revenue and has consistently been the most profitablw segment of the business, Neal said in a In addition to Durham, the construction divisionm also will maintain offices in Tampa, Richmond and Norfolk, Va. Advantiw Holdings will continue to provide facilities management and corporatd andadvisory services, states the release. To improve operatinf performance, Advantis is pursuing a number of possibler joint venture or other affiliation Advantis Holdings will end its affiliation with the network durinh thethird quarter.
“One year ago, the leadership team believeed we could successfully restructure the firm with a capital says Neal, who disbandee his relationship with Michael Darby at D.C. developer Monument Realthy to investin GVA. “Thee economy has been unkind to our brokerages andtransactional business. Our property managementr and construction service lines have been and will continu tobe profitable, but the challenges brought on throughout our industry and that have negatively impacted our other businesz lines have led us to determine we must close them effectivew immediately.
” Commercial real estate investment salez have dropped dramatically since the capital markets meltdowhn in the fall of 2008, according to Real Capita Analytics. Sales are off by more than two-thirds in most markets. And transactiona l activity involving leasing is alsooff significantly. “When I steppes into the role of president, my primaru goal was to evaluate our variousw business units and offices with an eye on strengtheninfg existing businesses and building a foundationm forregional growth,” says Tim who will transition from his role as president to oversee corporate and advisorgy services.
“Although there were many positive signxs forfuture growth, the current economic environmenrt clearly favors focusing attention and resources on constructioj and the consultative and advisory partsw of our business, where we have predictable revenue from repeat clients and customers,” he