Hunneman Company Profile

Background

Founded in 1929, Hunneman is a leading independently owned commercial real estate firm headquartered in Boston, Massachusetts. With a mission to provide comprehensive real estate services, Hunneman offers expertise in brokerage, leasing, investment sales, property management, and consulting across New England and over 400 global markets. The firm's vision emphasizes blending decades of experience with innovative strategies to exceed client expectations. Hunneman's longstanding presence and commitment to excellence have solidified its significance in the commercial real estate industry.

Key Strategic Focus

Hunneman's strategic focus centers on delivering tailored real estate solutions through a combination of local market knowledge and access to national capital sources. The firm specializes in various sectors, including industrial, office, retail, and multifamily properties. By leveraging proprietary data and comprehensive market research, Hunneman provides clients with informed decision-making support. The firm's primary markets encompass New England and extend to over 400 global markets, reflecting its expansive reach and adaptability to diverse market conditions.

Financials and Funding

As of January 2025, Hunneman's estimated annual revenue is approximately $15.9 million, with a revenue per employee of $150,000. The firm employs around 106 professionals, reflecting a slight decrease of 4% in employee count over the past year. Hunneman operates as a privately held company and does not publicly disclose specific funding details.

Pipeline Development

In 2023, Hunneman demonstrated resilience in a challenging market by completing approximately 884,346 square feet in leasing transactions and around $120 million in sales transactions. The firm also expanded its property management portfolio by 3.1 million square feet. Notable deals include the sale of a three-building multifamily portfolio in Boston's South End for $27.5 million and the lease of 33,000 square feet to AM Batteries in Billerica, MA. These achievements underscore Hunneman's commitment to delivering exceptional results for its clients.

Technological Platform and Innovation

Hunneman distinguishes itself through the integration of advanced technologies and innovative methodologies:

Proprietary Data and Market Research: The firm utilizes proprietary data to produce quarterly research reports, offering insights into office, industrial, life sciences, and multifamily real estate sectors in New England.

Comprehensive Marketing Services: Hunneman's marketing team develops customized programs that include brand identity creation, custom photography, event coordination, and digital content strategies to effectively reach target audiences.

Capital Markets Expertise: Through its affiliation with the Real Estate Capital Alliance (RECA), Hunneman accesses a national network generating approximately $5 billion in capital origination annually, enabling the firm to secure cost-effective capital solutions for clients.

Leadership Team

Hunneman's leadership comprises seasoned professionals with extensive industry experience:

Stephen M. Prozinski: Serving as Chief Executive Officer and Chief Operating Officer, Prozinski brings over 25 years of real estate experience. He oversees all operations across divisions and specifically manages the property management division.

Peter W. Evans: As Executive Vice President and Managing Principal, Evans directs daily operations and strategic growth initiatives. He also leads the Urban Advisory Group and is recognized as an industry thought leader.

Stuart Pratt: Chairman of the Board, Pratt provides strategic oversight and supports the executive team in achieving the firm's vision.

Ashley Melanson: Vice President, Office Manager & HR Manager, Melanson manages administrative functions and human resources, ensuring operational efficiency.

Leadership Changes

In September 2018, Hunneman announced a leadership transition with Stephen M. Prozinski appointed as CEO and COO, and Peter W. Evans as Executive Vice President and Managing Principal. This change coincided with a rebranding initiative to modernize the firm's identity and align with its strategic vision.

Competitor Profile

Market Insights and Dynamics

The commercial real estate market in Boston and New England is characterized by a mix of challenges and opportunities. While certain sectors, such as office spaces, have faced higher vacancies, others like industrial and flex assets maintain strong positions with vacancies below historical averages. Boston's resilience as a real estate hub is evident through significant corporate relocations and lease renewals, indicating sustained demand and growth potential.

Competitor Analysis

Hunneman operates in a competitive landscape alongside several prominent firms:

JLL (Jones Lang LaSalle): A global real estate services firm with approximately 98,000 employees and annual revenues exceeding $1 billion.

Cushman & Wakefield: Another global leader in real estate services, employing around 42,000 professionals with revenues surpassing $1 billion.

Transwestern: A privately held real estate firm with about 2,700 employees and revenues around $1 billion.

Colliers International: Operating with approximately 10,000 employees and revenues of $10 million, Colliers offers a range of real estate services.

These competitors focus on various real estate sectors, leveraging extensive networks and resources to serve diverse client needs.

Strategic Collaborations and Partnerships

Hunneman's affiliation with the Real Estate Capital Alliance (RECA) enhances its ability to provide clients with access to national capital sources, facilitating cost-effective financing solutions. Additionally, the firm's partnership with Rhino Capital has led to significant property management portfolio growth, exemplifying successful collaboration in property acquisition and management.

Operational Insights

Hunneman's strategic considerations include:

Client-Centric Approach: Emphasizing personalized service and tailored solutions to meet unique client needs.

Local Expertise with Global Reach: Combining deep local market knowledge with access to national and international resources.

Investment in Technology and Talent: Continuously enhancing technological capabilities and attracting top talent to maintain a competitive edge.

Strategic Opportunities and Future Directions

Looking ahead, Hunneman aims to:

Expand Service Offerings: Diversify and enhance services to address evolving client demands.

Strengthen Market Position: Leverage existing strengths to capture greater market share in New England and beyond.

Foster Community Engagement: Continue initiatives like Hunneman Cares to contribute positively to local communities, reinforcing the firm's commitment to social responsibility.