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Galbreath merges mid-west offices.

Galbreath Company chairman and Chief Executive Officer Daniel M. Galbreath and PCS Realty Investors James Pickett and Robin Holderman announced an agreement in principle for the merger of The Galbreath Company's Ohio, Indiana and Kentucky regional operations with PCS Realty. A new regional operating company, called The Galbreath Company-Midwest, will be formed from the merger.

The new company will offer property management, leasing and other services to PCS Realty and Galbreath Company clients throughout Ohio, northern Kentucky and Indiana.

The Galbreath Company-Midwest will manage nearly 9 million square feet of downtown and suburban office, industrial and retail space throughout the Midwest. The company initially will have offices in Columbus, Cleveland, Cincinnati, Canton, Indianapolis and Lexington.

PCS Realty holdd real estate management and leasing services contracts with such companies as Aetna, Bank One, Cigna, Connecticut Mutual, Huntington National Bank, Phoenix Mutual, Ohio Police and Firemen's Disability and Pension Fund, and Teachers Insurance Annuity Association (TIAA). Galbreath Company clients in the region include Bank One, Borden Citicorp, Equitable Life Assurance Society, Greystone Realty, Inc. and Star Bank, among others.

PCS Realty executives Jack Hoopes, William Shelby and Melanie Holderman will continue their senior management responsibilities for the new operating company. Hoopes will serve as its president.

Current PCS investors and company officers will be part-owners of the operating company along with Galbreath. Galbreath will remain sole owner of The Galbreath Company.

All PCS Realty employees will become a part of The Galbreath Company-Midwest, which will be headquartered with The Galbreath Company's downtown Columbus offices at 180 East Broad Street.
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Publication:Real Estate Weekly
Date:Aug 19, 1992
Previous Article:AFC Realty arranges $7.8M.
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