Casey & Associates Inc., a leading Baltimore commercial real estate firm, has informed employees of a restructuring that will add management and result in an office consolidation.
As part of the restructuring, over the next six months the real estate brokerage and property management firm intends to largely combine its Towson and downtown offices, which represent two of its three offices; create a five-member board of directors; retain a chief operating officer to manage daily operations, and establish an employee stock plan.
Casey also will relocate its property management division, which oversees 2 million square feet of commercial space in the region, to downtown from Columbia.
"These moves are designed to take Casey & Associates into the 21st century," said James J. Casey, the firm's chief executive. "With the growth and diversification of the company over the past 30 years, we identified a need for a professional manager to free us up to do what we do best -- make deals for clients."
Since Casey began considering its restructuring a year ago, the firm has suffered from a series of defections by key sales agents, including Richard F. Blue Jr., the former head of Casey's Towson office who was designated Realtor of the Year in 1995 by the Greater Baltimore Board of Realtors.
Mr. Casey said the losses -- balanced by the addition of personnel such as former Alex. Brown Kleinwort Benson Realty Advisors executive David M. Fick -- had nothing to do with the reorganization.
Casey's decision to hire a chief operating officer mirrors moves made by competitor KLNB Inc. in December 1994, when it appointed John P. Blumer to run the administrative affairs of the firm, allowing President Thomas C. Martel to focus on transactions.
"It's hard for someone who's been a salesman all their professional life to be a manager too, especially when the business is becoming increasingly sophisticated," Mr. Martel said.
"It's been a double plus for us."