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Galbreath/Riverbank shake on merger.

"I was at the Real Estate Board's Most Ingenious Broker of the Year event," Peter Ricker, recalled, "and I went up to Bruce Mosler and said |How are you guys doing? It would be neat if we could do something together.'''

Mosler, chairman and CEO of Riverbank Realty Company, thought about it and about a month later, called Ricker back.

The rest will go down in real estate history as the two firms, Galbreath New York and Riverbank Realty Company, last week signed an agreement in principle to form Galbreath/Riverbank Company, New York's third-largest, full- service real estate firm.

The merger unites Riverbank's skill in tenant and agency representation with the 71-year old Galbreath's expertise in property management, asset management and development.

An executive committee, comprised of the three principals - led by Ricker as president with Mosler and Lizanne Galbreath as vice chairman - will run the new company's daily operations.

Daniel M. Galbreath, chairman of the Galbreath Company, said who said in a statement, the new company "will combine all the existing and complementary skills of its two components."

Mosler said he had been thinking about merging with another firm but had pretty much given up on the idea when Ricker approached him at the cocktail party.

"We didn't have the blue-chip management reputation and when we went into make a proposal for an agency, we didn't have the management half," Mosler explained. Mosler noted that Galbreath also has the institutional representation he coveted.

"What Peter does well, I don't do well and vice versa," Mosler said. "Peter's expertise will be complementary to mine."

Additionally, Mosler said, Lizanne Galbreath is skilled at developing and coordinating national accounts as well as being in touch with the other Galbreath offices around the country. "Lizanne was a very important aspect of the deal," Mosler added.

Galbreath was unavailable but in a statement said the company was very careful about finding the right merger partner. "We believe this combination is a perfect blend of our respective expertise and philosophies," she added.

The target date for completing the merger will be Oct. 1. There are still issues to be worked out, including where the new entity will be housed, although tentatively it will operate from the current Galbreath New York offices at 437 Madison Avenue. "We may move," said Ricker, "that's what we're still talking about."
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Title Annotation:Galbreath Co. and Riverbank Realty Co. form Galbreath/Riverbank Co.
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:Sep 9, 1992
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