{"id":1004034301,"date":"2011-11-17T09:29:10","date_gmt":"2011-11-17T17:29:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034301"},"modified":"2022-12-06T18:21:24","modified_gmt":"2022-12-07T02:21:24","slug":"ashforths-west-coast-arm-bought-by-its-ceo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ashforths-west-coast-arm-bought-by-its-ceo\/","title":{"rendered":"Ashforth\u2019s West Coast Arm Bought by Its CEO"},"content":{"rendered":"

November 17, 2011<\/strong>
\nBy Scott Baltic, Contributing Editor<\/em><\/p>\n

Ashforth Pacific, the West Coast operating subsidiary of The Ashforth Company, a commercial real estate firm headquartered in Stamford, Conn., has just been purchased by Scott Langley, the subsidiary\u2019s CEO and president for the past 10 years, the firm announced Wednesday. The resulting new investment management company is named Langley Investment Properties and will continue to be headquartered in Portland, Ore.<\/p>\n

\u201cWe\u2019re not a start-up.\u201d Langley told Commercial Property Executive<\/em>. \u201cWe\u2019re basically the same company with new ownership.\u201d<\/p>\n

Langley, who was not at liberty to discuss the deal\u2019s financials, emphasized that LIP will remain in a close relationship with Ashforth. In fact, the new company, comprising about 100 employees, will continue to provide asset management for Ashforth\u2019s 2 million-square-foot portfolio of office space in Portland, Seattle and San Francisco. That portfolio includes Liberty Centre, Pacwest Center, ODS Tower and One Pacific Square (totaling 1.5 million square feet) in Portland, The Exchange Building in Seattle and the Orrick Building in San Francisco.<\/p>\n

LIP\u2019s current operating portfolio also includes the Lloyd Center Tower, Lloyd 700 and Oregon Square in Portland and various downtown parking garages.<\/p>\n

Although plans for the new company are to remain focused on its three core markets, Langley told CPE<\/em> that it will be seeking acquisition opportunities and anticipates being an equity partner in all new ventures. In addition, Langley said, \u201cWe\u2019re already on the threshold of some development projects in the Portland market.\u201d<\/p>\n

The Ashforth Company is a 115-year-old real estate operating company that owns, develops and invests in assets on the East and West Coasts, as well as providing asset and property management, general contracting, and construction management. It owns\/manages more than 6 million square feet of office space nationwide.<\/p>\n

Before joining Ashforth in 2001 as president of Ashforth Pacific, Langley spent 15 years with Cushman and Wakefield\u2019s capital markets group as the Pacific Northwest senior managing director.<\/p>\n

Besides this transaction, CPE<\/em> has recently reported on a surge of motion in the industry, including the merger of four CRE firms in Idaho and Montana<\/a>, Lee & Associates\u2019 opening an office in NYC<\/a> and an Avison Young office in Las Vegas<\/a>.<\/p>\n

Stan Ross, chairman of the board of the Lusk Center for Real Estate at the University of Southern California, spoke briefly with CPE<\/em> about this kind of activity, albeit without intending to comment on any specific transaction.<\/p>\n

\u201cThere\u2019s a lot of activity\u201d of this type, he agreed. \u201cYou could call it a trend.\u201d<\/p>\n

As to what\u2019s driving this, Ross offered plenty of possibilities. For one, a CRE company might be in trouble and looking for a suitor, or a publicly traded company\u2019s value might have fallen, making it an attractive target.<\/p>\n

On a more positive note, he said, a merger or spinoff might take place \u201cjust because the value proposition is there.\u201d For example, it might be beneficial to combine two company\u2019s product lines, or their differing geographic areas of operation might provide some advantages.<\/p>\n

And of course, there are those common situations in which a merger can increase the depth of management, provide cost efficiencies or create a critical mass in some other way.<\/p>\n

Finally, Ross noted, liquidity is a factor in the CRE industry: \u201cThere\u2019s been a lot of capital sitting around.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Ashforth Pacific, the West Coast operating subsidiary of The Ashforth Company, has just been purchased by Scott Langley, the subsidiary’s CEO for the past 10 years.<\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21742,21747,15],"tags":[],"class_list":["post-1004034301","post","type-post","status-publish","format-standard","hentry","category-corporate-real-estate","category-latest","category-office","category-west"],"acf":[],"yoast_head":"\nAshforth\u2019s West Coast Arm Bought by Its CEO - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ashforths-west-coast-arm-bought-by-its-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ashforth\u2019s West Coast Arm Bought by Its CEO\" \/>\n<meta property=\"og:description\" content=\"Ashforth Pacific, the West Coast operating subsidiary of The Ashforth Company, has just been purchased by Scott Langley, the subsidiary's CEO for the past 10 years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ashforths-west-coast-arm-bought-by-its-ceo\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-17T17:29:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T02:21:24+00:00\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashforths-west-coast-arm-bought-by-its-ceo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashforths-west-coast-arm-bought-by-its-ceo\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Ashforth\u2019s West Coast Arm Bought by Its CEO\",\"datePublished\":\"2011-11-17T17:29:10+00:00\",\"dateModified\":\"2022-12-07T02:21:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashforths-west-coast-arm-bought-by-its-ceo\\\/\"},\"wordCount\":558,\"commentCount\":0,\"articleSection\":[\"Corporate Real Estate\",\"News\",\"Office\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashforths-west-coast-arm-bought-by-its-ceo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashforths-west-coast-arm-bought-by-its-ceo\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ashforths-west-coast-arm-bought-by-its-ceo\\\/\",\"name\":\"Ashforth\u2019s West Coast Arm Bought by Its CEO - 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