Architecture firm LWC acquires New York Design Collaborative

Real Estate Weekly, Feb 20, 2002

LWC Inc., a leading New York City interior architecture firm, announced that it has acquired New York Design Collaborative. With this purchase, LWC strengthens its reputation for high-end interior design by adding talent to its award-winning design team. In addition, LWC's unique structure that provides architecture, engineering and construction services under one roof will allow New York Design Collaborative's Fortune 500 clients -- including J.P. Morgan Chase & Company, Barclays Bank PLC and Boston Consulting Group -- to benefit from an expanded scope of services.

Under the terms of the deal, William Buscaglia, formerly president of New York Design Collaborative, assumes the position of principal and will continue to develop the high-end sector of the market.Buscaglia and a number of employees from New York Design Collaborative have assumed key senior design and project management positions at LWC. Financial details of the acquisition were not disclosed.

"Fortunately even in down markets, we continue to grow, organically and now by acquisition," said Kenneth J. Libman, CEO of LWC."Few firms are as well regarded as New York Design Collaborative, and now they'll have the resources to deliver a true center point of responsibility and accountability to their clients, from architecture to engineering to construction management. I'm excited for the future as I welcome Bill's leadership and his team on board."

"In LWC and Ken, I have found a firm and visionary committed to outstanding design," said William Buscaglia. "LWC's expanded scope of services means that clients can benefit from a depth and range of resources that distinguish LWC from other firms in the New York area. Whether clients elect design, engineering or a combination of services, having the technical expertise in-house only makes us sharper and smarter and puts us in a unique position."

"Acquisitions of design firms are rare in this industry, LWC is proving that they are the exception to the rule," said Barry Gosin, president at Newmark & Company Real Estate, Inc. "LWC's strategy of providing all of the disciplines in-house allows a client to take advantage of the economies of scale of having only one overhead versus three for architecture, engineering and construction management. In hard economic times clients gravitate to a lower overhead structure. This proves to be prudent from a client's point of view and has given Ken the financial luxury to acquire a firm of such high caliber. This combination is welcome news for LWC, for New York Design Collaborative and for the real estate industry in New York."