AR Spruce

What AR Spruce does

AR Spruce LLC is a Philadelphia-based, privately-held real estate services and development firm formed in 2020 through the merger of AthenianRazak (founded 2011 by Alan Razak) and Spruce Real Estate Partners (founded 2013 by Maleda Berhane). The company delivers integrated real estate advisory and execution services across the full asset lifecycle, organized into three service lines: Plan (feasibility, site selection, entitlements, capacity and funding analysis), Create (development management, construction oversight, LEED-certified and historic renovation delivery), and Manage (property and asset management, distressed asset turnaround and receivership). Client work spans government and municipalities, educational and cultural institutions, commercial property owners and REITs, non-profits, and select private developers, with active engagements concentrated in the Philadelphia metropolitan area, Southeastern Pennsylvania, Camden (New Jersey), and the broader Mid-Atlantic.

The firm has no proprietary technology platform; its value is delivered through senior practitioner expertise (a team of 1-10 including the CEO/Principal, a Director of Operations, four project managers, an intern, and two senior advisors with backgrounds at Skanska, Turner Construction, Gilbane, CBRE, Cushman & Wakefield, Willis Towers Watson, and predecessor firms AthenianRazak, Athenian Properties, Renaissance Properties, Rouse and Associates, and Razak Company). Revenue is generated through three streams: project-based professional services fees for real estate development management, ongoing property/asset management contracts, and strategic planning and consulting engagements. Pricing is negotiated per engagement and is not publicly disclosed. The firm holds MBE (NMSDC) and WBE (WBENC) certifications, which provide a structural channel into diversity-focused public and institutional procurement.

Documented outcomes include $12 million in total savings on the Curtis Institute of Music Lenfest Hall project, a 95% NOI increase on a distressed 484-unit apartment complex in 19 months, a 3x sale price versus appraisal at the Ortliebs Bottling House, a $7/sf to $230/sf value uplift at 833 Chestnut Street (sold for a record $161 million), and $82 million in Grow NJ tax credits secured for the Philadelphia 76ers training complex and headquarters. Customers include the Philadelphia 76ers, SEPTA, Digital Realty, Curtis Institute, School District of Philadelphia, Montgomery County, Jefferson Health, Philadelphia Gas Works, Jaguar Land Rover, CB2/Crate & Barrel, the African American Museum in Philadelphia, the Library Company of Philadelphia, the American Philosophical Society, and Pembroke North Condominium. Marketing is conducted primarily through a project portfolio on the company website, with new business driven by direct relationships, RFPs, and referrals within the Philadelphia/Mid-Atlantic institutional market.

Name

AR Spruce

Legal name

AR Spruce LLC

Website

https://arspruce.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

AR Spruce is a Philadelphia-based, MBE/WBE-certified real estate services firm delivering integrated planning, development management, construction oversight, and property management to government, educational, cultural, and commercial clients across the Mid-Atlantic.

Ownership category

akta.pro rank

Product category

Real Estate Development and Management Services

NAICS

Real Estate Property Managers (53131), Other Activities Related to Real Estate (531390), Offices of Real Estate Agents and Brokers (5312)

SIC

Real Estate Agents & Managers (For Others) (6531), Operators Of Nonresidential Buildings (6512), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Real Estate Development & Feasibility Advisory (Highest-and-Best-Use, Entitlements Support) (BPAJANAC)

akta.pro secondary industries

Property Management Advisory & Leasing Administration (FSAEAJAN), Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA), Real Estate ESG / Sustainability & Resilience Advisory (Decarbonization, Climate Risk) (BPAJANAI)

Keywords

• Real estate development
• Property management services
• Construction management
• Feasibility consulting
• Site selection advisory

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Real Estate Development Management: Fees earned for managing real estate development projects from inception through completion, including team assembly, design oversight, construction management, and project delivery.
2. Property Management Services: Ongoing property management fees for overseeing residential, commercial, and mixed-use rental units, with revenue generated through management contracts.
3. Strategic Planning and Consulting: Fees for feasibility analyses, strategic planning engagements, and real estate consulting services for property owners, institutions, and government entities.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

AR Spruce is a Philadelphia-based real estate services firm that provides integrated real estate planning, development, construction management, and property management services for enterprise, government, educational, cultural, and non-profit clients. The company operates through three interconnected service lines—Plan (feasibility analysis, site selection, entitlements, strategic planning), Create (development and construction management for renovation, new construction, and LEED-certified projects), and Manage (property management, asset repositioning, and distressed-asset turnaround)—covering the full real estate lifecycle for clients in the Philadelphia metropolitan area and mid-Atlantic region.

Product overview

AR Spruce is a single, unified real estate services company offering integrated services across the entire real estate lifecycle. The company operates through three interconnected service lines: Plan (feasibility analysis, site selection, entitlements), Create (development management, construction oversight), and Manage (property management, asset repositioning). These services work together as a continuous process rather than as separate modular products.

Differentiator

Problem solved

Functional benefit

Products and services

• Plan Services
• Create Services
• Manage Services

Quantifiable outcome

• Increased property values from $7/sf to $230/sf (3,186% increase) for 833 Chestnut Street
• +5 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• NMSDC (National Minority Supplier Development Council)supportingOthersAR Spruce holds MBE (Minority Business Enterprise) certification through NMSDC, providing access to diversity procurement programs and government contracting opportunities.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• CBRE Project Management: Largest global CRE services platform with a deep project management practice serving institutional, government, and corporate clients — competes for the same owner's-representation and development management engagements AR Spruce pursues.
• JLL Project and Development Services: Global commercial real estate services firm with a large Project and Development Services (PDS) division offering owner's representation, feasibility, and construction management — directly overlapping AR Spruce's Create and Plan service lines but at vastly greater scale.
• Cushman & Wakefield Project & Development Services: Global CRE services firm with a dedicated PDS practice providing owner's rep, project management, and feasibility services — directly comparable service mix targeting similar enterprise and institutional clients.
• Avison Young: Mid-to-large global CRE services firm with owner's representation and project management capabilities serving public-sector and institutional clients — overlaps with AR Spruce's public-sector and education vertical.
• Newmark Group: Full-service commercial real estate advisory and capital markets firm offering project management, owner's representation, and development advisory — competes for similar institutional mandates as AR Spruce.
• Colliers Project Management: Global professional services firm with a strong project management and owner's representation practice serving enterprise and government clients — competes head-to-head with AR Spruce on complex development engagements.

Direct peers

• Concordis Real Estate Advisors: Boutique Philadelphia-area real estate advisory firm offering owner's representation, project management, and development services to institutional clients — a close functional and geographic peer, and a former employer of AR Spruce's CEO.
• Aegis Property Group: Philadelphia-based real estate development and project management firm with overlapping boutique capabilities — a former employer of multiple AR Spruce team members, indicating direct competitive and talent overlap.
• Trident Real Estate Advisors: Mid-Atlantic owner's representation and real estate advisory firm serving institutional and nonprofit clients — closely comparable in service scope, client type, and regional footprint to AR Spruce.

Emerging players

• Razor Sharp Management: Smaller boutique real estate services and property management firms operating in the mid-Atlantic with comparable owner-representation and asset management offerings — potential direct competitors for similar institutional clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/arspruce

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AR Spruce