Foundry Commercial Acquires Majority Ownership in Recapitalization, Closes in on $2B in Joint Ventures
Posted on March 10, 2020
Orlando, Fla. – When the foundation of Foundry Commercial was laid more than a decade ago, the leadership of the emerging firm set out to build a different kind of real estate company – one with a culture that is personal and unique and one that would unleash the most talented professionals in the commercial real estate industry.
“The Foundry Commercial partners - close to 40 individuals who have invested their time and capital into the company - have recently acquired majority ownership of the company, establishing a new equity relationship with an investor that mirrors our core values, as we continue our strategy of growing an integrated commercial services and development and investment platform,” said Paul Ellis, CEO of Foundry Commercial. “During the past year, we have been working closely with our original capital partner, HQ Capital, to position our company for this next season of growth. In large part, due to our strong partnership with HQ as well as the tireless commitment and dedication of an exceptional and growing base of associates, Foundry has tripled in size since our Management Led Buyout from CNL in 2015.”
The integration of Foundry’s platform – inclusive of property management, leasing, tenant representation, investment sales, construction management, and development and investment (D&I) – has provided an opportunity to partner with clients rather than compete against them. This approach serves the client-base by placing their real estate goals and objectives at the forefront 100 percent of the time.
“Foundry’s integrated model is at the heart of what sets Foundry apart from others in the industry, providing a constant drive to leverage our talent and local intelligence to solve our clients’ real estate challenges and bring them advantaged opportunities to deploy capital,” added Pryse Elam, Foundry’s President of Development & Investments. “Our team wholly understands that we are better when we’re working in lock-step, across deals and across platforms, consistently bringing more value and creativity to our clients and to investors.”
Since 2007, when the company launched, Foundry Commercial has grown to employ 354 associates and 80 brokers. Foundry completed $1.6 billion in brokerage transactions last year, has 58 million square feet under leasing and management, and has $1.4 billion in current investment activity.
“With the completion of this second management-led buyout, Foundry is positioned to expand into new asset classes, new markets, and new service lines, while strengthening our services platform to better serve our diverse client base. We’re also looking forward to advancing our D&I platform with additional investments directly into real estate joint ventures,” added Ellis.
In 2019, Foundry Commercial relocated its corporate headquarters to take over the entire fourth floor of CNL Center II at City Commons in downtown Orlando. Previously, the firm had occupied several suites on two floors of the same building but had completely outgrown both spaces. Similar moves driven by growth occurred in Atlanta and Nashville last year.
As part of the recapitalization, Gregg Ickes, Foundry’s President of Real Estate Services, has been appointed to the company’s board of directors. Additionally, Foundry’s leadership team recently approved the creation of a scholarship program, whereby dependents of the company’s associates can apply for assistance to offset higher education costs.
“Without the hard work and determination of the associates who have propelled this company to amazing heights, we know we would not have been able to achieve this milestone in such a short amount of time,” stated Ickes. “The company shares in the accomplishments of everyone on this team, and we are committed to making a lasting impact in our communities.”
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with over 350 employees and more than 58 million square feet of management and leasing across the Southeast and Texas. Since 2007, Foundry has provided leasing, brokerage, building management, corporate services, and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than one billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.
Lauren Leetun, APR
Director of Public Relations