DIVARIS REAL ESTATE CELEBRATES 50 YEARS OF SUCCESS IN THE COMMERCIAL REAL ESTATE INDUSTRY
The Divaris Group has spent decades creating city-defining projects and working with top retail brands and national developers – culminating in its recent expansion and growth
Virginia Beach, Va. (June 10, 2024) — Divaris Real Estate is celebrating its 50th anniversary, marking five decades of longevity, staying power, and success in the commercial real estate industry. Since its establishment in March 1974 by cousins Gerald Divaris and Michael Divaris, the firm has become a trusted name, synonymous with exceptional service and city-defining projects like The Town Center of Virginia Beach; 3556 On The Bay; King of Prussia Town Center; Cape Town’s Waterfront; San Lameer on Natal’s Indian Ocean; the Handcraft Building in Scott’s Addition, Richmond; and bringing Ikea, Best Buy, WalMart, Kohl’s, Ross and many other national retailers to Virginia. The firm currently manages and leases more than 40 million square feet of prime office, retail, and industrial space throughout the US, and represents more than 75 national retailers. The group employs over 200 people and has offices in 16 cities in the United States. Gerald Divaris is Chairman of the Board and CEO, Michael Divaris is President, and Tony Divaris is COO.
Celebratory Event and Scholarship Donation
The milestone anniversary will be celebrated at a company-wide event on June 15 at the Town Center’s four-star Westin Hotel. Distinguished guests, including Virginia Beach Mayor Bobby Dyer, former Virginia Governor George Allen, several other elected officials, and numerous high-profile clients and partners will be in attendance. Three generations of the Divaris family, accompanied by hundreds of Divaris brokers, property managers, leadership, and employees from across the country will join the 50th celebration.
In memory of Gerald’s son, Alexander Divaris, who served as Executive Vice President and Director of Creative Synergy for Divaris, a $10,000 donation will be pledged to the Alex P. Divaris Memorial Scholarship Fund. Alexander was a founding member of CBDX, the “under-40” young professionals division of Virginia Beach’s Central Business District Association (CBDA), and played a significant role in its formation and success. Known for his passion for mentorship and community involvement, the scholarship is awarded annually to a Virginia Beach Princess Anne High School senior who excels academically and shows a commitment to the business community’s growth.
Alex passed away in April 2019 at the age of 40, after being diagnosed with stage IV colon cancer. This donation in his memory, highlights Divaris Real Estate’s dedication to community support and honors Alexander’s contributions to enriching the local community.
A Legacy of Staying Power and Success
Gerald and Michael Divaris started Divaris Real Estate in Cape Town, South Africa, after working for a short two years with Anglo American Corporation. Gerald graduated with an Honor’s degree in accounting and a Master of Business Science degree in real estate marketing from the University of Cape Town in South Africa. Michael graduated from the University of Natal, Durban, South Africa with a bachelor’s degree in finance. Born into a family of retailers, Gerald naturally gravitated towards retail representation, heading up that business unit which has become a foundation of the Divaris Group’s growth and success over the years.
The first Divaris offices, located in South Africa, grew into one of the largest South African commercial real estate firms with branches in Cape Town, Johannesburg, and Pretoria. In 1981, Gerald moved to the United States to open Divaris Real Estate’s first US office in Virginia Beach. Michael followed in 1987.
Building Longevity
At Divaris Real Estate, strategic alignment and acquisitions have always been key drivers of success. Recently, the acquisition of S.T. Burke Retail Partners culminated a rapid expansion program that started during COVID. This included acquiring Edge Commercial Real Estate’s mid-Atlantic property management and engineering group; forming a joint venture with KLNB to expand their property management platform; acquiring The McGarey Group, a national advisory firm with large scale projects throughout the US; and the recent addition of eight new experienced agents in Washington, D.C. These moves have further bolstered the firm’s capabilities. By building strategic partnerships, Divaris Real Estate continues to provide comprehensive solutions to clients and has set the standard for excellence in the commercial real estate sector, nationally.
The Divaris Group now includes Divaris Real Estate, Inc., Divaris Property Management Corp., Ingenuity Development, Creative Development Partners, KLNB Asset Services, Cobalt Real Estate Solutions, The McGarey Group, and S.T. Burke Retail Partners. This vertically integrated, full service commercial real estate development, investment, and property services company, headquartered in Virginia Beach, has elevated the profile of the city as a incubator for exciting, “out of the box” development projects that now span the US and include projects in Virginia, Maryland, Pennsylvania, Florida, Tennessee, Indiana, Nevada, Arizona, Michigan, and California.
The success of Divaris Real Estate can be attributed to its growing team of highly skilled professionals who possess a deep understanding of the industry. With a wealth of experience and expertise, the team at Divaris has consistently demonstrated their ability to navigate complex transactions and deliver exceptional results. Their dedication, professionalism, and commitment to excellence have been instrumental in the firm’s continued success while its vision and expertise have resulted in ground breaking projects that have set the stage for others to follow.
One of the key elements of the Divaris philosophy is to treat its employees as family. By nurturing their skills, developing their capabilities, and enabling them to reach their optimum performance levels, Divaris ensures a team with exceptional longevity. As a result, the tenure of Divaris’ team members is far longer than that of the average firm in the industry, with some members having been with the company for up to 46 years. This excludes Gerald and Michael, who have been with the firm since its inception.
As Divaris Real Estate celebrates this significant milestone, it looks forward to the future with optimism and excitement. With a solid foundation built over the past 50 years, the firm is well-positioned to continue its growth and success in the commercial real estate industry.
About Divaris Real Estate
Divaris Real Estate, Inc. is headquartered in Virginia Beach, Va. with offices in Newport News, Norfolk, Richmond and Roanoke, Va.; Washington, D.C., Charlotte and Raleigh, N.C.; Beverly Hills, Calif.; Philadelphia PA, and Rockville, Md. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international fully integrated real estate services, brokerage, and property management company that currently manages and/or leases over 40 million square feet of prime office, retail, and industrial space throughout the US. Gerald S. Divaris is Chairman of the Board and its CEO, Michael B. Divaris is President, and Tony Divaris is Chief Operating Officer of the Divaris Group. Its affiliates have offices in New York, Philadelphia, Charleston, Atlanta, Ann Arbor, Pinehurst, and San Diego.
Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S. DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates throughout the U.S. These organizations represent corporate and institutional clients, tenants, and buyers in all aspects of leasing, development, management, sales and acquisitions.