Commercial due diligence company BBG announced Oct. 15 it acquired Chatham-based real estate appraisal and consulting firm Izenberg Appraisal Associates Inc.
The acquisition of Izenberg Appraisal significantly expands BBG’s valuation litigation services and other capabilities in the region and nationwide. The Chatham office is BBG’s third in the Northeast region and 36th office nationally.
Terms of the transaction were not disclosed.
Louis Yorey, will serve as senior managing director of the New Jersey office. Yorey will also remain as the national practice leader of BBG’s Advisory Services.
BBG also named Izenberg Appraisal Associates President Louis Izenberg managing director of the New Jersey office. The firm’s employees will also join the BBG office.
Since its inception, Izenberg Appraisal Associates has been involved in precedent-setting court cases, including City of Linden v. Benedict Motel, Hartz Mountain v. Secaucus Township, JCRA v. Kerrigan, Merrill Creek Reservoir v. Harmony, the Sands Casino bankruptcy and many high-profile litigation assignments.
“Our acquisition of Izenberg Appraisal Associates significantly broadens our footprint in the Northeast and further establishes BBG as one of the country’s leading commercial real estate due diligence firms,” BBG Chief Executive Officer Chris Roach said of the firm’s latest acquisition.
“With this acquisition, we have added appreciably to our litigation support, valuation and other services,” he added.