Fisher Properties Execs Buy Company from Parent

SEATTLE-The assets of Fisher Properties Inc., the commercial property subsidiary of Fisher Communications, has been sold to a group of former Fisher Properties executives operating under the name Egis Real Estate Services LLC.

The president and managing member of the new company is former Fisher properties executive Mark Weed. Weed tells GlobeSt.com he led Fisher Property’s effort to sell off its investment real estate but concurrently built a third party property management and engineering services business that has garnered 1.5 million sf of assignments, including work for all but one of the buildings Fisher Properties sold off.

Having built up a new business from the old one, Weed and his fellow Fisher Properties executives acquired the assets they had garnered for Fisher Properties over the past two years while the asset disposition was underway. Weed declined to reveal the price paid for the business and it was not otherwise immediately available.

In addition to the property management business transferred by Fisher Properties, Egis will serve 10 new customers for services including: property management, preventive and demand maintenance engineering, marketing and leasing, accounting, real estate consulting and professional services. Current clients include RREEF, MILA Inc., Fisher Communications Inc. and Internap.

Weed tells GlobeSt.com that the new company is negotiating some deals that will get its portfolio up over two million sf in the coming months. “We are looking to double our size in the near term,” he says.

The new company will be operating out of the same space as Fisher Properties at One Union Square Downtown.