Lee & Associates hopes to enter one of the few major metro markets on the East Coast it doesn’t currently have an office: Washington.
Allan Riorda, principal and president of Lee & Associates in Maryland, says his firm is looking to expand into the nation’s capital, and open an office in the next two years. Right now, he said, the firm is searching for the “right fit.”
“We currently service sections of that region and believe existing fundamentals including a diverse corporate base, proximity to the Federal Government, a strong labor market and modern infrastructure network will continue to build momentum in the foreseeable future. At this point, we are working to identify the appropriate office location to service the region, which will be followed by a strong recruitment effort,” Riorda said in a statement regarding the interest in expanding into the Washington area.
The commercial real estate brokerage’s leaders believe the Maryland offices’ existing relationships with owners, investors and businesses provide the initial support to expanding into Washington and Northern Virginia markets.
The move comes on the heels of Lee & Associates brokering a deal for a two-acre parcel of land, and an 11,886-square-foot building in the Ashburn section of Northern Virginia for $6.44 million.
Steve Weiss, of Lee & Associates, represented the buyer. The deal allowed his clients to meet requirements of a 1031 Exchange, which permits an investor to defer all capital gains taxes from the sale of a property if they’re reinvested in another asset.
A move into the Washington area would continue the firm’s growth. Lee & Associates also recently opened offices in Miami, Raleigh and Cincinnati.