“Work as a professional, don’t take short cuts, and learn your craft. Your ability to interact with senior executives and city leaders to create a portion of the future of the greater Denver area is a blessing, so don’t take it for granted.”
Rick Egitto, principal at Avison Young, has more than 37 years of commercial real estate experience. He is involved in all aspects of the firm’s brokerage operation and leads its Capital Markets Group. Rick joined Avison Young in 2016 with the desire to use his extensive knowledge to mentor the firm’s younger brokers.
“Principals of the firm are expected to offer a variety of sales training and/or leadership classes at the office – I host a Capital Markets Group Lunch and Learn every month, have initiated trainings in various areas such as surveys and 1031 Exchanges and I always try to be available to answer any and all questions brought to me,” says Egitto.
Despite his many successes, Rick has also experienced his share of set-backs. He lived through the economic ups and downs that inevitably occur over a 38-year career.
“First, the firm I ran and built here in Denver from 2001 – Dec. 2010, Crimson Services, was shut down in Jan. 2011 by its parent, then a short-term stint with Trinity One ended abruptly. Finally, I settled nicely at Inverness Properties prior to coming to Avison Young. Taking care of my family became the key priority in a time of great uncertainty.”
A turning point in his career came in 2006, when he arranged the sale of the 331,000-square-foot Anchor Center in Phoenix for $71.5 million and then two years later again, for $95 million. “Closing big deals is always special,” said Egitto.
More recently, Rick secured the funding, along with Peter Coakley, for the Block 162 office site for the Patrinely Group/USAA development team in downtown Denver. The 600,000-square-foot office building is currently under construction, scheduled to be delivered in 2021.
Ultimately, having the opportunity to work on developments that benefit a city’s residential base is very rewarding for Rick.
“It is satisfying seeing the work you do pay off in a variety of ways. For years, I was very active in Lone Tree, helping shape the long-term future of the city. I sold the City its current municipal building and was involved in a slew of other developments in the town. This led the former mayor, Jack O’Boyle, in 2010 to tap me to be Chairman of the Capital Campaign to finalize fundraising for the Lone Tree Arts Center.”
Rick is most proud of the deal he facilitated at Festival Park Commons in Castle Rock that was just approved this year, immediately south of the Town of Castle Rock Municipal Building.
“It was a very difficult, 18-month process to create and fund a 93 unit for sale residential condo project supported by 16,000 square feet of retail and an almost 500 car parking garage. This deal required a public/private partnership strategy be put in place with the town and when complete in 2021, will be transformative for Castle Rock — offering for sale residential units in downtown Castle Rock at a size and price point most anyone can afford.”
Prior to joining Avison Young, Rick led a variety of national and local firm’s efforts in the acquisition and disposition of real estate equities for major institutional clients such as Grosvenor Investment Management, Principal Capital Management, Alliance Commercial Partners, JP Morgan, Kaufman Realty Group, Patrinely Group, KBS Realty Advisors, BOK Financial and Mellon Corporation, as well as numerous private clients.
He received a Bachelor of Science in Risk Management/Insurance from Florida State University and is a Certified Commercial Investment Member.
Rick has some valuable advice for new brokers just entering the industry; “You need to love what you do…or the ups and downs of the brokerage business will scare you off. Work as a professional, don’t take short cuts, and learn your craft. Your ability to interact with senior executives and city leaders to create a portion of the future of the greater Denver area is a blessing, so don’t take it for granted. Be proud of what you are doing, and help others as you have been helped.”