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Credit: Bill Vogel/Cresa
The downtown Royal Oak office of Chicago-based brokerage firm Cresa, which recently acquired Vogel Advisors in a cash and stock deal.
An out-of-state brokerage house has added another Southeast Michigan firm to its roster.
Chicago-based Cresa has purchased Vogel Advisors, a small tenant representation brokerage firm in Royal Oak, for an undisclosed amount of cash and stock in a deal that closed in the middle of March, said Bill Vogel, founder of Vogel Advisors.
The purchase comes less than two years after Cresa bought the eight-person Axiom Advisory Group, which had brokers in Detroit, Chicago and Dallas at the time of its purchase.
Credit: Cresa
Bill Vogel.
“They are a powerhouse at global corporate portfolio real estate work,” Vogel said. “When I was approached in October of last year by the CEO of Cresa, he said, ‘Look, we have a blessing and a curse. We’ve got a really great office (in Southeast Michigan) with great people doing a ton of work and a ton of deal making, but we need somebody who’s focused on the market.’ And that’s just, frankly speaking, where my specialty is.”
The four-person Vogel Advisors team has transitioned over to a 6,000-square-foot Royal Oak office at 150 W. Second St. downtown, bumping the Cresa team in southeast Michigan to 14 employees.
Vogel said the company hopes to grow its headcount there to 20-22 workers by the end of the year. Vogel is now managing principal and market leader in Cresa’s Royal Oak office.
“I built Vogel Advisors into a high-quality corporate real estate brand locally, and Cresa has definitely built a high-quality corporate real estate brand nationally, and they’re continuing to grow into a powerhouse across the country,” Vogel said. “So that just made for a very good fit, in my mind.”
Nathan Upfal, of counsel in the Farmington Hills headquarters of Zausmer PC, worked on the deal for Vogel.
Cresa has been on a buying spree, with four purchases of brokerage firms in the last 16 months.
Among them: Late last month, CoStar Group Inc., a Washington, D.C.-based real estate information service, reported that Cresa bought a stable of six retail brokers based out of the Chicago market. In Philadelphia last fall, it added NorthStar Owners and its 11 employees to its roster, CoStar reported in October.
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