CB Commercial to acquire Westmark Realty Advisors, will continue joint-venture arrangement with Trust Company of the West.LOS ANGELES--(BUSINESS WIRE)--May 31, 1995--CB Commercial Real Estate Group Inc. and Westmark Realty Advisors Wednesday announced the signing of a definitive agreement that promises to greatly enhance the ability of CB Commercial and TCW TCW Total Carat Weight TCW Temporal Cold War (Star Trek Enterprise) TCW Troop Carrier Wing TCW Turnbuckle Championship Wrestling TCW Tasty Coma Wife (Scrubs episode) Realty Advisors, a joint venture of Westmark Realty Advisors and Trust Company of the West, to expand their range of products and build upon their record of performance and superior client service. The agreement will merge the advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal of CB Commercial and Westmark Realty Advisors. CB Commercial will purchase all of the interests in Westmark Realty Advisors from its principals. Westmark will continue to operate independently as an affiliate of CB Commercial under the Westmark Realty Advisors name. Key principals of Westmark will retain a significant ongoing economic interest in the company, and Vincent F. Martin Jr. will continue to lead its day-to-day management. Terms of the transaction were not disclosed. Martin, managing and founding partner of Westmark Realty Advisors, will continue as the chief managing officer of the company. Scott Tracy, managing director of CB Commercial Realty Advisors, will become an executive managing director of Westmark Realty Advisors. The principal business of Westmark Realty Advisors is conducted through its joint-venture arrangement with Trust Company of the West, which is known as TCW Realty Advisors. TCW Realty Advisors currently manages approximately $3 billion of pension-fund, endowment and foundation real estate assets, which are invested in well-diversified portfolios Well-diversified portfolio A portfolio that includes a variety of securities so that the weight of any security is small. The risk of a well-diversified portfolio closely approximates the systematic risk of the overall market, and the unsystematic risk of each security has been of high-quality U.S. office, industrial and retail properties. This joint venture will remain in effect in all respects, with TCW continuing to be the fiduciary to the expanded Westmark Realty Advisors. TCW also will continue to market all existing TCW Realty Advisors investment products and will work closely with Westmark to develop and market new products. CB Commercial Realty Advisors, established in 1972, has in excess of $1 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . A client-driven organization that aligns its interest with those of its investors, CB Commercial Realty Advisors' investment and asset-management philosophy has stressed the practical application of research and information generated by CBC (1) (Cell Broadcast Center) See cell broadcast. (2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. Torto Wheaton Research, a nationally renowned research group. In 1994, the group added $250 million to its real estate portfolio and an additional $100 million in the first quarter of 1995. Over the last three years, CB Commercial Realty Advisors has increased its client base by 35 percent. According to Jim According to Jim is an American situation comedy television series originally broadcast by ABC. The show premiered with little publicity in October 2001, following the surprise hit comedy My Wife and Kids. Didion, chief executive officer of CB Commercial: ``The merger is part of CB Commercial's determination to think strategically and move decisively to become the world's pre-eminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae provider of commercial real estate services. It also represents our concerted effort to provide enhanced capabilities to our clients in the rapidly evolving real estate and financial- services industry. ``The combination forms a dynamic company with an unparalleled range of expertise, products and services; unmatched research capabilities; and superior access to capital markets.'' Didion continued: ``We are particularly pleased to have the fine professionals at Westmark and TCW together with our people leading this business. We at CBC have known and worked with these professionals for more than 20 years.'' Commenting on the transaction, Martin said: ``From the beginning, our strategy has been to use our market knowledge and sophisticated, proprietary top-down analysis to target high-quality properties in strong markets. We will now be augmenting that capability through a preferred client relationship with CB Commercial and its extensive local market and product knowledge. ``The ability to work with CBC's extensive mortgage-servicing and brokerage operations will also open the way to developing new products on the debt side of the real estate market in addition to our established equity products. We think this is a very potent combination and one that will clearly enhance our abilities to provide clients with the best available investment products and services.'' Thomas E. Larkin Jr., president of Trust Company of the West, said: ``The combination of TCW, Westmark and CB Commercial greatly enhances the strength and breadth of services available to clients of TCW Realty Advisors. ``Not only are we gaining a new and valuable partner in CB Commercial and all the resources it can bring to bear, but our clients will also continue to benefit from the expertise and direct investment management of Vince Martin Vince Martin is a name shared by a number of individuals:
``Together, we offer an unmatched combination of expertise, talent, products and services which we believe will enable us to continue building on the success of TCW Realty Advisors. We have worked hard with the people at Westmark and CBC to bring this about, and we are very pleased with the result.'' CB Commercial Real Estate Group, established in 1906, is the leading diversified commercial real estate services firm in the world, operating through more than 168 offices in 28 countries. The company has nearly 4,000 employees and professionals in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its services include commercial real estate brokerage, tenant and corporate advisory services, institutional services, real estate management, realty advisory services, appraisal and property-tax services, econometric e·con·o·met·rics n. (used with a sing. verb) Application of mathematical and statistical techniques to economics in the study of problems, the analysis of data, and the development and testing of theories and models. forecasting and international services. CB Commercial's 1994 business activity in the United States included more than 21,000 assignments and transactions and a revenue base of more than $430 million. Corporate headquarters is located in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . The TCW Group of companies, including Trust Company of the West, has more than $48 billion in assets under management. With headquarters in Los Angeles, TCW also maintains offices in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Houston, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and London. TCW serves as trustee and custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. for the commingled funds Commingled Fund A type of mutual fund consisting of assets from several accounts that are blended together. Sometimes called a "pooled fund." Notes: They are "commingled" to reduce the costs of managing them separately. and separate accounts managed by TCW Realty Advisors. Westmark Realty Advisors is the real estate investment manager to the funds and separate accounts managed by TCW Realty Advisors. CONTACT: CB Commercial Real Estate Group Inc. Ed Van Herik, 310/444-5113 or TCW Realty Advisors Josh Pekarsky, 212/593-2655 |
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