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Management company formed for MONY-owned properties.

To streamline management of its equity properties throughout the country, The Mutual Life Insurance Company of New York (MONY) has formed a real estate management and services company, Advantage Real Estate Services (ARES).

Throughout 1993, ARES (pronounced "aries"), a wholly-owned subsidiary of MONY, will assume the management and leasing for selected MONY-owned real estate properties. Along with leasing and property management services, ARES will provide construction management services.

By the end of 1993, ARES will manage the buildings and handle the leasing transactions for more than 60 of MONY's 223 equity properties. These 60 properties are located in Atlanta, Oklahoma City, Chicago, Kansas City, San Francisco and Irvine, California. As of July 1, ARES managed 15 properties in the Southwest, Rocky Mountain and Southeast regions.

MONY's $1.7 billion equity real estate portfolio consists of 223 commercial, residential and industrial properties in 34 states and 91 markets totalling more than 25 million square feet.

Richard C. Scott, president of MONY Real Estate Investment Management, was named president of the new subsidiary.
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Title Annotation:Mutual Life Insurance Company of New York forms real estate management and services company named Advantage Real Estate Services
Publication:Real Estate Weekly
Date:Jul 14, 1993
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