Kennedy-Wilson Holdings Inc. no longer has an Austin presence after the local office broke off to form a new company called SynerMark Properties Inc. earlier this month.
SynerMark Properties acquired Kennedy-Wilson’s business, managing its 6 million square feet of property across several southern states. The new company has the same executives and the same portfolio but bears the new name.
For Melissa Miller, a SynerMark principal, the deal is "like coming full circle." SynerMark’s other principals are Stephen Pyhrr, Jacqueline Well, James Cain and Mark Kent.
Pyhrr and Well started an Austin commercial real estate business under the SynerMark brand 22 years ago. Beverly Hills-based conglomerate Kennedy-Wilson bought out the company in 1999. Now as ownership reverts back to Pyhrr and Well, they brought back the original name.
The office’s 40 employees will retain their positions, and the company’s operations remain unchanged.
Miller said Kennedy-Wilson is focusing on its West Coast and European portfolios instead of its southern operations. In 2016, the San Antonio Business Journal reported that it was likely Kennedy-Wilson would eventually shutter all of its brokerages in the Lone Star State to focus on its core business.
Pyhrr said SynerMark can now devote more time to developing its regional business.
“Some significant advantages for us with this change is that we now have more time to focus on our long-standing relationships with our Texas clients and statewide investments,” said Pyhrr, SynerMark principal and former professor who founded the real estate and urban development program at University of Texas.
In the Austin area, SynerMark’s properties total about 530,000 square feet of office, multifamily, self- storage and industrial properties. A few notable properties include: Crystal Mountain Office Park, Burnet Domain Office Building, South Austin Self Storage, Interstate Business Park and Tanglewood North Apartments.
SynerMark also provides professional property/construction management, leasing, marketing, investment and accounting services for clients with properties totaling more than 4 million square feet in Texas, California, Washington, Hawaii, Indiana, Illinois, Colorado, Tennessee and Oklahoma.
One of the firm’s brokers, Lennard Coplin, was on ABJ’s list of 2017 heavy hitters for commercial real estate building sales. Coplin ranked no.14 in the Austin area with 126,696 square feet sold in 2016. Read the full list here.
Miller said the Austin office will continue to provide services such as accounting, taxes, audit and management for some of Kennedy-Wilson’s portfolio and institutional co-mingled funds.