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Urban Renaissance Group (URG) has acquired the operating portfolio of Portland-based real estate company Langley Investment Properties.

As part of the acquisition, Tom Kilbane, Portland market leader for URG, was promoted to vice president and regional manager.

Kilbane said combining the two management groups expands URG’s Portland management portfolio to more than 2 million square feet. In addition to Portland, URG operates in Seattle; Bellevue, Washington; and Denver.

鈥淭his expands our overall portfolio to over 10 million square feet,鈥� Kilbane said. 鈥淚t has been a target of ours since we formed the company; and at that size gives us the ability to staff all the functions we want to have in-house, including property management, construction management, leasing and parking management.鈥�

Because the operations of both companies complement each other, no new staff will be hired and no one will be laid off, according to Kilbane.

鈥淥ne of the great things about the acquisition is that it allows us to merge the two companies and keep the existing staff in place,鈥� he said. 鈥淭here’s very little overlap. The Langley team was managing their property, and those will stay in place, and our existing property teams will stay in place.鈥�

According to a statement from URG, Langley also will 鈥渞efocus its efforts on new investment and development.鈥� Scott Langley will continue to lead Langley through that transition and will also join URG’s board of directors.