With interest high in Monument Realty
's Half Street developments
(and with recent speculation in WBJ
as to Monument's financing situation), I'll pass along this portion of a press release I just received:
, a full-service real estate services company specializing in development, construction, property management and brokerage needs, announced today that it has completed a recapitalization with a private equity group based in Washington, DC, and controlled by Jeffrey T. Neal. Neal's firm will have controlling interest in GVA Advantis; providing equity, leadership, and strategic vision for the company. [...] Neal's private equity group is comprised of individual investors with specific real estate and other industry experience and expertise that will be instrumental to Advantis's future. The group was assembled to assist senior management with setting the strategic direction and leadership of the company. The most significant change will occur in the culture of delivering a full line of services. GVA Advantis will be able to take advantage of the intellectual capital within the company, as well as Neal's and his investors' diverse expertise, and strengthen its service and leadership to their clients. Immediate steps will be taken to size the company for growth within the markets already served by the company, as well as other markets in the United States. In addition, the headquarters of GVA Advantis will move from Atlanta to Washington, DC."
Neal is now GVA Advantis's newly appointed Chairman; I'm told that he remains a principal at Monument Realty and "intends to remain active" in Monument's business. Will update if there are news stories with additional information.
UPDATE, Minutes Later: WBJ says
: "Neal declined to comment on the deal or on his future with Monument. He did say it's unlikely that GVA Advantis will merge into Monument."