CBRE launches new private client group in Westchester.

In response to overwhelming demand, the Westchester/Fairfield operations of CB Richard Ellis recently launched its Private Client Group, focused on servicing the highly specialized selling and investment activity of players within the private capital arena.

Robert Caruso, managing director of CB Richard Ellis' Westchester/ Fairfield operation, made the announcement. Al Mirin, first vice president of CB Richard Ellis will head up the group with Silvia Pogosyan, associate of CB Richard Ellis.

Specializing in office, retail, industrial, development and multi-family opportunities, the Westchester/ Fairfield Private Client Group represents private sellers in marketing and trading assets ranging from $1 to $10 million.

Introduced to maximize the value of private investor's properties locally by using a national perspective, the Group brings a new level of sophistication given the growing interest in the Westchester/Fairfield market. This operating platform enables local owners and investors to take advantage of varying market dynamics, by leveraging the geographic reach of CBRE.

"Both the Fairfield and Westchester markets have an enormous amount of private real estate sellers and investors with unique requirements who were underserved," said Mr. Mirin. "Our initiative is the first of its kind specifically geared towards meeting the needs of this segment. By personally working with each client in assessing their situations, we produce customized real estate solutions that fulfill these unique requirements."

The Private Client Group puts the power of CBRE's real estate services platform behind every transaction. As part of CBRE Capital Markets, the Group can tap into finance options provided by CBRE I Melody, the real estate investment banking division of CB Richard Ellis. In addition, the Group further differentiates itself within the industry through CBRE's proprietary, web-based investor database that profiles almost 100,000 investors and is continuously updated by each participating sales team.

Since the inception of the Private Client Group, CB Richard Ellis has advised various clients including the sale of 120 Tokeneke Road in Darien, CT. The 40,000 s/f two-story former headquarters of Air Express International (AEI), which was recently acquired by a joint venture owned by The Nielsen Company and RJC Management LLC. The purchase price was $6.4 million. The team also serves the retail segment. Recently, the group arranged an $11.4 million disposition of 777 Connecticut Avenue, a retail center in Norwalk, CT. Situated in one of Fairfield County's most prominent retail corridors, the property was purchased by First Sterling Corporation.