Printer Friendly

INSIGNIA ANNOUNCES MAJOR COMMERCIAL PROPERTY TRANSACTION

 GREENVILLE, S.C., Jan. 3 /PRNewswire/ -- Insignia Financial Group, Inc. ("Insignia") (NASDAQ: IFGI) announced today that it has combined its operations with those of Gross, Lancton & Co. ("Gross, Lancton") of Houston. Gross, Lancton, which will be merged with Insignia's commercial management subsidiary, Insignia Commercial Group, Inc., provides property management and leasing services for approximately 4,300,000 square feet of office and retail properties in Texas, primarily located in Dallas and Houston. The properties generate annual fee revenues of approximately $2.7 million.
 Andrew L. Farkas, chairman and chief executive officer of Insignia, said: "Gross, Lancton manages some of the finest real estate in Texas. This acquisition is a major accomplishment towards increasing Insignia's commercial presence throughout Texas, significantly improving service to our customers and enhancing our ability to provide a full range of services to our managed portfolio."
 Insignia is a fully integrated real estate service organization performing property management, commercial and retail leasing, investor services, partnership administration, mortgage banking, and real estate investment banking services for various ownership entities. Included among these are numerous institutional investors such as insurance companies and pension fund advisors as well as approximately 600 limited partnerships having approximately 132,000 limited partners.
 Insignia currently manages approximately 148,000 residential units, making it the largest manager of multi-family residential properties in the United States. In addition, Insignia has a significant presence in the national commercial real estate market with more than 26 million square feet of office, retail and industrial properties under management. Insignia commenced operations in December 1990, and has since then grown to provide real estate services to more than 1,000 properties, located in more than 400 cities in 44 states.
 -0- 1/3/94
 /CONTACT: Bill Page of Insignia Financial, 803-239-1640/
 (IFGI)


CO: Insignia Financial Group, Inc.; Gross, Lancton & Co.; Insignia
 Commercial Group, Inc. ST: South Carolina, Texas IN: FIN SU: TNM


CM -- CH004 -- 8588 01/03/94 15:29 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 3, 1994
Words:321
Previous Article:QUORUM HEALTH GROUP SALE OF WESTSIDE HOSPITAL COMPLETED
Next Article:CAROLINA FIRST COMPLETES ACQUISITION OF 3 BRANCHES IN COLUMBIA
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters