Strictly speaking, the story of Tschudi & Malling began in the autumn of 1945, when two seven-year-olds Henrik B. Tschudi og Peter T. Malling became neighbours in Rosenborggaten, Oslo – and despite their differences, became great friends. After years of education and periods abroad, the two began to have increasingly clear thoughts of establishing a business together.
In the mid-60s – relatively soon after the war – many business opportunities opened up, although capital was in short supply due to the period’s significant loan restrictions.
Since a capital-intensive business was therefore out of the question, the two business-seeking partners, Henrik and Peter, discovered an almost completely untapped market – the market for a liaison service for what was then known as trade and industry property (i.e. primarily warehousing properties and premises) – and Tschudi & Malling was born.
In 1971, the professionalism of real estate brokerage services was significantly increased through the establishment of Eiendoms-Consult. Up until as recently as 1985, Eiendoms-Consult was Norway’s only real estate broker, and therefore ubiquitous in the market, although this was not particularly large. During this period, we also coined the new term “commercial property (“næringseiendom” in Norwegian)” to replace “trade and industry property”.
Following the establishment of Eiendoms-Consult, Tschudi & Malling engaged in what would become the forerunner of syndication activities, by organising co-owners to acquire available vacated commercial property. A significant factor which contributed to the development of this concept was the lack of almost all kinds of premises. A consequence of this condition was the lack of mobility in the market – there was simply nowhere to move to, and the construction of new builds was practically impossible at this time. The construction of new property requires three things – plots, capital and building permits.
Plots were subject to price controls and therefore synonymous with no (legal) trade, capital was extremely restricted, and building permits were generally only given to replace buildings that were condemned or destroyed by fire.
An example of this syndication activity is the property Drammensveien 130, where in 1973 Thune Mek. Verksted was about to move to Lier. Tschudi & Malling organised over 20 users and handful of investors in a co-ownership project to acquire the property. The premises were sectioned off, thereby creating registration history as the first industrial property every to be registered as owned in this way.
Increasing syndication activities throughout the 1970s and 1980s resulted in the need for proper management of the properties. This was a also field that had not been developed in relation to the new, growing market. The task of professionalising property and business management services was allocated to Eiendoms-Consult, in which Tschudi & Malling had a 65% ownership stake until 1990. In 1990, Eiendoms-Consult was de-merged into a pure real estate brokerage company with the employees as its owners, and a management company that was merged with Tschudi & Malling. There has therefore been no ownership relations between Eiendoms-Consult and Tschudi &Malling since 1990.
In the early 1990s, the real estate industry was hit by a downturn and pessimism unequalled in recent times. Unemployment (and dark windows) were present everywhere you looked. But under such conditions and with such a large portfolio of properties under management, Tschudi & Malling had a significant need to attract the relatively few tenants who were planning to move. Tschudi & Malling therefore took up brokerage activities once again, through the company Tschudi & Malling Megling.
In 2004, the syndication of property projects was organised as a dedicated company, and Tschudi & Malling Syndikering was established.
The company changed its name to Eiendomshuset Malling & Co on 7 May 2007.
In 2009, Malling & Co acquired Mork & Partners, with offices in Oslo, Drammen and Stavanger. The Oslo business was incorporated into the company now known as Malling & Co Leietakerrådgivning AS, while the Drammen / Stavanger branches are still operated as independent offices, and changed their names to Malling & Co Drammen AS and Malling & Co Stavanger AS respectively in the autumn of 2012.
Malling & Co Vågen AS was established in 2014. The company is owned together with Skagenkaien Eiendom AS and Espedal & Co AS.
Since 2007, the company’s workforce has grown from 40 to just under 200 employees, and revenues have increased from NOK 40 million to over NOK 289 million in 2017. The company is now the largest and most complete providers of real estate advisory services in Norway.