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Ashforth named to manage 18 Schulman properties.

The Greenwich-based Ashforth Real Estate Group has been selected to manage 18 of the properties owned by the Schulman Realty Group. Schulman lost control over the properties earlier this year when its lender invoked an option in the loan agreement.

Aldrich Eastman & Waltch, a Boston-based financial advisor, acted as advisor to the General Motors Corp. Pension Trusts which had loaned Schulman nearly $100 million in 1986. AEW has assigned the day to day operations to Ashforth while the leasing is being handled by the Edward S. Gordon Company.

The Ashforth buildings comprise approximately 2 million square feet out of Schulman's original 3 million in 26 buildings. An ambitious capital improvement program will be put in place next week.

Principal Financial Group, the lender on most of the remaining properties, is expected to announce a managing agent this week. Schulman, which once controlled 10 percent of the Westchester marketplace, will be retaining management control of two newer properties.

Schulman had recently embarked upon an $8 million renovation of two properties. It also offers its 8,000 employee-tenants services that are commonplace in Westchester such as shuttle buses, dry cleaning, mobile banking, cafeterias, child care and health clubs.
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Title Annotation:Ashforth Real Estate Group, Schulman Realty Group
Publication:Real Estate Weekly
Date:Apr 29, 1992
Previous Article:O&Y buys some time with $20M loan.
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