Dennis R. Irvin joins board of Richmond-based Allegiancy in advisory role.
Allegiancy, a Richmond-based commercial real estate asset management firm with a billion-dollar portfolio, announced Monday the appointment of Dennis R. Irvin as an advisory member to its board. Irvin is the former president and CEO of Rockefeller Group Investment Management in New York City.
His appointment comes during an expansion of Allegiancy’s operations to include a $30 million capital raise from investors under new Reg A+ rules adopted in June by the Securities and Exchange Commission. Allegiancy said it expects to be among the first firms in the U.S. to use the new regulations to raise capital that the company will use to double a 19-member staff and expand assets under management to $5 billion.
“Allegiancy is thrilled to announce that Dennis Irvin has joined our board in an advisory role,” Allegiancy CEO Steve Sadler said in a statement. “Dennis is an internationally recognized commercial real estate leader with an unparalleled track record of delivering outstanding returns to investors.”
Irvin joins Allegiancy after more than seven years leading Rockefeller Group Investment Management where he oversaw the company’s global investment management activities. Since 2011, RGIM has acquired ownership interests in more than 1.3 million square feet of class-A office properties in U.S. gateway markets including Washington, D.C., San Francisco and Boston.
In addition to the $30 million capital raise, Allegiancy’s expansion has included the June 1 acquisition of TriStone Realty Management, based in Houston, that increased the commercial real estate portfolio under the firm’s management to $1 billion.