Larsen Baker

What Larsen Baker does

Larsen Baker LLC is a privately held, full-service commercial real estate firm headquartered in Tucson, Arizona. Founded in 1994 through the merger of George Larsen's Arizona Development Group and Don Baker's Don Baker Realty, the firm develops, owns, operates, manages, leases, and brokers retail, office, and industrial properties across Southern Arizona. It is described as the largest commercial property owner/manager in Tucson, with approximately $800 million in assets under management, 6 million square feet of managed inventory (3.6 million square feet owned plus a third-party management book), and more than 700 tenants. The company is 100% woman and veteran owned, and leadership includes several CCIM-, SIOR-, and CPM-designated principals.

Operations are organized around four service lines: brokerage (commercial leasing and sales), property management (including third-party management for external owners), development and redevelopment (build-to-suit, leasebacks, and repurposing of obsolete buildings, with more than 6 million square feet developed over the past 25+ years), and investment / joint-venture partnerships where the firm contributes capital and development expertise to external property owners. There is no proprietary technology platform; the operational stack relies on third-party tools including Heartland Payment Services for tenant rent collection and MaintainX for maintenance request tracking, alongside a website-based property listings portal.

Revenue is generated from a mix of rental income on the owned portfolio, recurring managed-services fees on third-party mandates, brokerage commissions on leasing and sales transactions, professional services fees on development and redevelopment projects, and equity participation in joint-venture partnerships. Customer concentration is fragmented across 700+ SMB and mid-market commercial tenants, with enterprise-level exposure to a smaller set of third-party management clients. Following the 2016 deaths of co-founder Don Baker and his wife in an aviation accident, operating control transitioned to a mentored management team that includes CEO Melissa Lal and CFO Jennifer Whitman, both CCIM-designated principals.

Name

Larsen Baker

Legal name

Larsen Baker LLC

Website

https://larsenbaker.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Larsen Baker is a Tucson-based, woman- and veteran-owned commercial real estate firm that develops, owns, manages, leases, and brokers retail, office, and industrial properties in Southern Arizona, managing 6 million square feet and $800 million in assets for 700+ tenants.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Services

NAICS

Offices of Real Estate Agents and Brokers (531210), Real Estate Property Managers (53131), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Agents & Managers (For Others) (6531), Operators Of Nonresidential Buildings (6512), Lessors Of Real Property, Nec (6519)

akta.pro industry

PRIMARYFSAEAJAB

Commercial Real Estate Brokerage (Leasing & Sales)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Real Estate Advisory & Brokerage

SECONDARYBPAJABAA

Office Brokerage

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Commercial Real Estate Brokerage

SECONDARYBPAJABAG

Land & Development Site Brokerage

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Commercial Real Estate Brokerage

Keywords

• Commercial real estate
• Property management
• Commercial brokerage
• Property development
• Commercial leasing

Headquarters

HQ city

Tucson

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Property Management Services: Property management services including third-party management for retail, office and industrial properties. Company manages over 3.6 million square feet of owned portfolio plus third-party clients.
2. Commercial Leasing & Sales: Commercial leasing and sales brokerage services for retail, office, restaurant, and industrial properties in Southern Arizona.
3. Property Development & Redevelopment: Build-to-suit/leasebacks and re-development/re-purposing of obsolete commercial buildings. Company has developed over 6 million sq. ft. of commercial properties in past quarter century.
4. Partnership/Joint Venture Opportunities: Joint venture and partnership opportunities where company provides capital and development expertise to help JV partners maximize property value.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Larsen Baker develops, owns, manages, and leases retail, office, and industrial commercial real estate properties in Southern Arizona. The firm operates across four integrated service pillars: commercial brokerage (leasing and sales), commercial property management (including third-party management), property development and redevelopment (build-to-suit, leasebacks, and repurposing), and investment/partnership opportunities (joint ventures providing capital and development expertise).

Product overview

Larsen Baker operates as a commercial real estate firm offering a portfolio of integrated services organized around four core pillars: Brokerage (commercial leasing and sales), Property Management (including third-party management for 3.6+ million sq. ft. of retail, office, and industrial properties), Development & Redevelopment (build-to-suit, leasebacks, and building repurposing, with over 6 million sq. ft. developed), and Investment/Partnership Opportunities (joint ventures providing capital and development expertise). The company also maintains a portfolio of flagship commercial properties including Sunrise Corporate, Gallery Row, and Plaza at Williams Centre. Founded in 1994, Larsen Baker is a 100% woman and veteran owned company managing 6 million square feet of commercial properties across Southern Arizona.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Brokerage
• Commercial Property Management Property management services for the firm's owned portfolio of over 3.6 million square feet of retail, office, and industrial properties, plus third-party management for external property owners. Maintains higher than market occupancy rates and provides tenant services including online rent payment and maintenance request portals.
• Property Development & Redevelopment Build-to-suit construction, leasebacks, and redevelopment/repurposing of obsolete commercial buildings. The company has developed over 6 million square feet of commercial properties across Southern Arizona over the past quarter century.
• Investment & Joint Venture Partnerships Joint venture and partnership opportunities for commercial property owners, where Larsen Baker provides capital and development expertise to help partners maximize property value and cash flow. Focus on increasing equity and cash flow for partners.

Quantifiable outcome

• Higher than market occupancy rates maintained in commercial real estate portfolio
• +1 more outcomes

Named customers2 records

Segments3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Scale indicators8 records

Recent moves2 records

Expansion highlights4 records

Direct peers

• Marcus & Millichap: National CRE investment sales firm focused on middle-market and smaller-market transactions. Comparable to Larsen Baker in providing specialized CRE brokerage services for retail, office, and industrial properties, with a similarly entrepreneurial operating model serving non-top-tier markets.
• NAI Global: Global CRE services network/franchise offering brokerage, property management, and investment services across 300+ offices. Comparable to Larsen Baker as a full-service CRE firm serving commercial property owners, investors, and tenants with integrated service offerings.
• SVN International: CRE franchise with 200+ offices providing brokerage, property management, and advisory services. Comparable to Larsen Baker in offering full-service CRE capabilities through a localized, owner-operator model serving regional markets.
• Sperry Commercial Global Affiliates: CRE franchise providing investment sales, leasing, and property management services across regional offices. Comparable to Larsen Baker in operating a localized, full-service CRE platform targeting commercial property owners and investors.
• Lincoln Property Company: Privately held U.S. CRE firm offering brokerage, property management, and development services across office, retail, multifamily, and industrial. Comparable to Larsen Baker as a privately held, full-service CRE owner-operator with integrated brokerage and property management capabilities.

Regional players

• Kidder Mathews: Largest independently owned CRE firm on the West Coast, operating across the Pacific Northwest and Western U.S. with brokerage, property management, and valuation services. Comparable to Larsen Baker as a regional, full-service, independently owned CRE firm—geographic peer rather than direct competitor.

Broad incumbents

• CBRE Group: World's largest CRE services firm with global investment sales, leasing, property management, and valuation capabilities. Comparable to Larsen Baker across all four service pillars but operates at vastly greater scale, with broader geographic coverage and institutional capital backing.
• JLL: Global CRE services and investment management firm with full-service brokerage, property management, and capital markets capabilities. Overlaps with Larsen Baker across brokerage, property management, and investment/JV activity but at significantly larger institutional scale.
• Cushman & Wakefield: Global CRE services firm offering brokerage, property management, valuation, and project management. Comparable to Larsen Baker in the breadth of services but operates across global markets with institutional client focus rather than regional concentration.
• Colliers International: Global CRE services and investment firm with brokerage, property management, and advisory services. Comparable to Larsen Baker in service mix but operates internationally with significant institutional capital and tech investment backing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/larsenbaker

Revenue estimate

Valuation estimate

Number of profiles

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 Larsen Baker