It’s the joy of six. RAND Engineering & Architecture, DPC has made the Inc. 5000 list of fastest growing private companies in the United States for the sixth time since 2007. RAND, which was ranked 4,949, , recorded $11.7 million in revenue in 2014, a 45% growth from 2011 and the highest since the company was founded in 1987. RAND was among the top engineering firms on Inc.’s list, one of only two engineering firms in New York State and the only New York City engineering firm among the 5,000 companies.
RAND’s steady growth continues to be firmly grounded in the on-going need for property owners to maintain and upgrade their buildings, including major capital improvement projects that provide long-term value. “Our clients know how important it is to invest in their properties to keep them running well and looking good,” said RAND President and Founder Stephen A. Varone, AIA. “As a full-service engineering and architectural firm, RAND is well positioned to provide them with the expertise they need.”
While the mainstay of RAND’s client base remains the residential cooperative and condominium market in the New York metropolitan area, the company has experienced increased growth in the commercial, institutional, and retail markets, including the build-outs of office space, stores, showrooms, and restaurants. “Our portfolio of commercial and retail projects, including a number of high-end boutique stores on Madison Avenue, has grown significantly over the past several years,” said RAND Principal and Vice President Peter E. Varsalona, PE. “These projects require multi-discipline design services—architectural, mechanical, electrical, plumbing, structural, and fire protection—in which we have extensive experience.”
A continued area of growth anticipated for RAND over the next few years pertains to New York City’s Facade Inspection Safety Program. Under the program (formerly known as Local Law 11/98), owners of buildings taller than six stories must have the facades inspected every five years by a Professional Engineer or Registered Architect to determine if there are any unsafe conditions. RAND expects to perform 400 to 500 FISP inspections during the 8th Cycle of the program, which began in February 2015 and runs until February 2019. RAND also designs and administer dozens of follow-up repair programs each inspection cycle to keep buildings in compliance.
Another factor contributing to RAND’s continued growth is New York City’s Local Laws 87/09, which requires property owners to have an energy audit conducted and to file an Energy Efficiency Report with the city every 10 years. The law also requires owners to complete retro-commissioning measures to improve the operational efficiency of their building systems. “Energy savings is a major issue for our clients, and more and more of our projects—such as oil-to-gas conversions—are undertaken with energy efficiency as the prime focus,” Varsalona said.
Additionally, RAND has expanded its Special Inspections services, which has led to a further increase in growth. As a New York City-registered Special Inspections Agency, RAND is authorized to perform 34 types of Special Inspections, which are required on a wide range of repair and upgrade projects to insure that construction work is conducted in accordance with the law.
Last summer RAND completed a renovation of its Manhattan office, which now occupies three full floors totaling 22,500 square feet. Other company developments include a newly instituted employee stock purchase plan (the firm now has 29 shareholders and counting) and an expanded RAND Gives Back corporate giving program. Last year RAND was also named one of the Best Places to Work in New York City by Crain's Business for the fifth time.
“As we continue to extend the reach of our services into fast-growing areas, our focus will be on recruiting talented people to serve our expanding client base and take on larger multi-discipline projects, with an increasing focus on new development sites,” Varone said. “The New York City real estate market never rests, and we’re confident that RAND will continue to thrive in it.”
The Inc. 500|5000, which lists the fastest-growing private companies in the nation based on their three-year revenue growth, was started in 1982 and is published by Inc. magazine.
