An Atlanta-based architecture and engineering firm known for designing Home Depot stores has seized an opportunity to expand into the Southeast’s booming apartment market.
GreenbergFarrow has acquired SGA|NarmourWright Design, an architecture firm based in the Carolinas. The latter will continue to operate under its current brand and organizational structure but under GreenbergFarrow's umbrella.
Founded in 1974, GreenbergFarrow has historically focused on retail, hospitality and mixed-use development. Besides Home Depot, its clients include Bath & Body Works, Circle K, IKEA, Starbucks, Texas Roadhouse, and Whole Foods Market.
The company has sought to diversify its clientele, given the high peaks and low valleys now found in the retail industry, said Keith Johnston, president and CEO of GreenbergFarrow.
SGA|NW plans and designs apartments and condos across the Southeast, which piqued the interest of GreenbergFarrow as the deal progressed. The firm also specializes in healthcare and historic facility projects.
“It was a big diversification for us,” Johnston said. “We realized the synergy was there, across team members and commitment to clients.”
Johnston hopes to broaden SGA|NW's multifamily presence across the Southeast, including in Georgia. The acquisition comes at a time when Atlanta and other Sunbelt developers, which always need architects and designers, attempt to capitalize on record-high apartment demand.
Over the past 12 months, metro Atlanta renters leased up more than 16,000 vacant units, according to commercial real estate services firm CoStar. The firm expects more than 10,000 units to be delivered by the end of 2022.
Steve Goggans, president of SGA|NW, will continue to lead the daily operations of the firm's five offices but report to Johnston. "Our combined efforts will elevate the best of both companies – a passion for design and a great business culture towards new horizons for our teams," said Goggans in a news release.
Johnston declined to share the cost of the transaction, which officially closed on Jan. 7. GreenbergFarrow will continue pursuing acquisition opportunities over the next few years, he said, with the goal of becoming a recognized firm for several sectors. It operates offices across the U.S., Asia and Mexico.