Hartford-based Servus Management Corp. has purchased the commercial brokerage and asset management business of Boston-based R.M. Bradley & Co., including the firm’s brand name.
The deal was announced late last week by Richard Mulready, chairman and chief executive officer of Servus Management Corp. Banker & Tradesman was first to report that the commercial business and brand name were for sale, and that R.M. Bradley’s residential brokerage had closed.
The negotiation and sale includes the promotion of former Executive Vice President Don Campbell to the role of president of R.M. Bradley, as well as executive vice president of Servus Management Corp., which officials said is an important step in ensuring continuity in the management team. Officials added that the new agreement also assures a continuation of a longstanding tradition of providing first-class services to clients of R.M. Bradley, including institutional investors, regional and national corporations and small businesses.
The transaction is supported by the firm’s client base, and brings the total management portfolio to over 5 million square feet, including clients common to both firms, according to officials. A new company has been formed that will operate as R.M. Bradley & Co., under an ownership structure including Servus Management and Campbell serving as president.
R.M. Bradley’s new headquarters will be located at 75 Arlington St. in Boston’s Back Bay neighborhood.
Mulready said the pairing of the two firms is a logical move.
“The combination of our two businesses is a natural one,” he noted. I believe that both firms have strong values and a similar approach in providing a high level of quality service to our clients. We’re very excited about this transaction, which extends the reach of our combined firm from Boston to Washington, D.C. We are also extremely optimistic about future growth.”
Campbell further explained the development of the firms’ relationship.
“R.M. Bradley and Servus have enjoyed a relationship over the past 10 years, working jointly on a number of client transaction assignments. There’s no question that both firms will benefit from the natural synergies created by this combination.”
