NEW YORK, August 2009 – For the third straight year, RAND Engineering & Architecture, PC, was named to the Inc. 5,000 list of the fastest-growing private companies in the United States. Rand, a 65-person New York City firm, had a three-year revenue growth of 76.2%, ranking it 3,327 on the list, 306 places higher than last year. The company's 2008 revenues of $8 million were its highest since the firm was founded in 1987. As in the past two years, Rand was the only New York City engineering or architectural firm to make Inc.'s list.
The economic downturn that has hit the real estate industry particularly hard makes Rand's growth all the more noteworthy. Unlike design-and-build firms that rely heavily on new construction, which has slowed to a crawl, Rand's forte is the evaluation, repair, upgrade, and restoration of existing buildings—services that remain very much in demand despite the recession. "While building owners are scaling back on non-critical projects, they still need to address basic maintenance and repair issues, such as leaky roofs, defective masonry, and aging HVAC, plumbing, and electrical systems," said Rand's founder and President, Stephen Varone, AIA. "Our experience and expertise in these areas have served us well."
With the next cycle of New York City's Local Law 11/98 taking effect in February 2010, Rand expects a steady stream of facade inspection assignments and follow-up repair programs over the next several years. "Local Law 11/98 cycles have always resulted in an uptick in business for us," said Varone. "Now that the filing deadlines have been staggered in this upcoming seventh cycle, the work will be more evenly distributed, giving us an opportunity to perform even more inspections and repair projects than in the past."
Another anticipated growth area for Rand is the rapidly expanding field of green services and sustainable design. The company is a partner in NYSERDA's Multifamily Performance Program, which helps developers and property owners improve the energy efficiency, health, safety, and durability of their buildings. As a partner in the program, Rand performs energy audits, develops energy reduction plans, and designs and administers energy-savings projects.
Rand's staff includes LEED Accredited Professionals and Building Performance Institute Certified Professionals who provide expertise on a wide range of sustainable design projects, including green roofs, electrical submetering, cogeneration, and boiler plant automation. "Our Green Services and Sustainable Design practice is a natural outgrowth of helping owners keep their properties well maintained and their building systems functioning properly," said Rand's Principal and Vice President Peter Varsalona, PE. "As more and more of our clients seek energy-efficient measures and cost savings for their properties, we are well-prepared to service their needs."
The Inc. 5,000 is ranked according to percentage of revenue growth from 2005 through 2008. To qualify, the companies must be U.S. based, for profit, privately held, and independent, i.e., not subsidiaries or divisions of other companies. The firms must have had at least $200,000 in revenue in 2005 and $2 million in 2008.
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