Galbreath Summer Division is formed.

In a major initiative destined to further stimulate business growth for both companies, the Alexander Summer Co., one of New Jersey's preeminent full-service real estate firms, and The Galbreath Company, one of the nation's oldest and largest real estate organizations, have announced a merger.

The announcement was made jointly by Galbreath Company chairman Daniel M. Galbreath, from its Columbus, OH, headquarters, and Summer chairman Alexander von Summer Jr., from its Paramus, NJ, headquarters.

The newly-combined organization will be known as The Galbreath Company/Alexander Summer Division; its headquarters will remain in Paramus.

The addition of Summer division offices will expand Galbreath's worldwide network and enhance its competitive position in the Garden State, while offering the Summer company, long a major real estate company in the region, the resources and national and international capabilities with which to better serve corporate, institutional and individual clients.

Commenting on the event, Peter E. Ricker, chairman and chief executive officer of Galbreath's Eastern Region, said "Our new alliance with Alexander Summer Co., whose accomplishments, involvement in landmark projects and professional stature have kept it in the forefront of our industry, will do much to broaden our presence in the New Jersey market, and is an important step, geographically, in our firm's East Coast market penetration."

According to Summer, his firm will implement initiatives to generate new business through its expanded range of services for institutions, corporations and private investors. Stephen B. Palmer, president of the Alexander Summer Division, and Douglas H. Haynes, executive vice president, will spearhead those efforts.

"Our new association with Galbreath now allows us to provide a complete spectrum of real estate services for clients virtually anywhere in the world," said Palmer.

"The merger of Galbreath and Summer joins two similar old-line organizations, which share business philosophies and differ primarily in size and scope," said Galbreath. "Both are privately-owned, family-directed companies in which third-generation members are now active."

The Summer family has been active on New Jersey's real estate scene for 80 years, initially in residential leasing, management and sales until the early 1930s when Alexander von Summer Sr., now retired and in his nineties, created fully-staffed departments covering industrial, retail and investment properties, land sales, mortgage financing, insurance, property management, and appraisals. Later - under the direction of von Summer Jr. - came office leasing and sales, consulting, and development.

In 1951, after having headed the NJ Realtors, Summer Sr. was elected president of what is today the National Association of Realtors - then as now, the world's largest trade organization. A few years later he served as an advisor to President Eisenhower for national housing policy, along with his friend, the late John W. Galbreath, founder of The Galbreath Company, who had also served as president of The National Association of Realtors in 1944.

Founded in 1921, The Galbreath Company is a full-service real estate firm with offices in 33 U.S. cities, as well as in Mexico City, London, Europe and the Far East. It provides expertise in property management, leasing, tenant representation, consulting, investment sales and development. Galbreath has developed over 89 million square feet of premier office space, for clients including Mobil Corporation, Swiss Bank Corporation, Goldman Sachs, USX and Merrill Lynch. Galbreath's New York office alone manages in excess of 17 million square feet of office space and is agent for over 23 million square feet of office space.