Michael Metzger was sitting on the beach, unable to stop thinking about work despite being on vacation.
Metzger owns business brokerage Murphy Business Sales, and was in the midst of trying to find a buyer for office rental company Acclaim Business Suites, whose co-owner is Andrew Pegalis.
Having helped sell all sorts of businesses ranging from restaurants to engineering firms since starting his brokerage in 2014, Metzger said he’d never considered buying one of his clients’ businesses himself until the Acclaim deal came across his desk this summer.
“It was in the back of my head as I was on vacation. I was thinking, ‘This (Acclaim) is a great little business, maybe I should buy it,’” Metzger said.
“I got back from the beach and said to Andrew, ‘What would you think if I bought your business?’”
A few months later, Metzger became the new owner of Acclaim Business Suites. He finalized the deal in October. Terms were not disclosed.
Pegalis co-founded Acclaim in 2012, offering short-term class-A office rentals at the Centerpointe Office Building at 1 Park West Circle in Midlothian.
“I like that short-term, all-inclusive offering. It’s month-to-month or six- or 12-month rates. It’s attractive to people who don’t want to sign long-term commercial leases on bigger spaces,” Metzger said.
Metzger said he’d been looking to move the offices of Murphy Business Sales, and felt Acclaim was a good fit.
“Now I’m my own landlord and own tenant,” he said.
Within the Centerpointe building, Acclaim occupies about 7,000 square feet that’s subdivided into 26 suites, with about five currently available. Business will continue as usual at Acclaim under new ownership.
“It really was turnkey for me. My goal is to maintain status quo and keep my clients happy. I have no global aspirations for it,” Metzger said.
Metzger described Acclaim as the more traditional cousin to coworking office spaces, which have been popping up all over Richmond in recent years.
“The distinction I’ll make is, Gather and places like that have really latched onto the coworking idea where you have an open area and shared facilities, which is great for some people,” Metzger said.
“But for me and my clientele, that model doesn’t really work for us. We need privacy.”