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 MIAMI, Nov. 1 /PRNewswire/ -- C. Dean Patrinely, the former co- managing director of Barker-Patrinely Group, whose South Florida developments include the Miami Arena and major office buildings in Coral Gables and Fort Lauderdale, has formed a new real estate and corporate facilities services company.
 Patrinely's new company, the Crimson Corporation, and its first subsidiary, the Patrinely Group, Inc., is based in Houston, with regional offices in Coral Gables and Fort Lauderdale.
 According to Patrinely, the formation of the company follows an amicable restructuring with partner, Michael Barker, in which Patrinely acquired control of the former Barker-Patrinely Group's Texas and Florida assets.
 "After ten good years together, Michael and I simply decided that we wanted to pursue different challenges," said Patrinely. "We're both proud of our accomplishments and we will continue to work together on some of our past projects." Patrinely and Barker have worked together since leaving Gerald D. Hines Interests in 1983.
 Patrinely has retained operations of the former BPG offices and personnel in Houston, Coral Gables and Fort Lauderdale, as well as management of the projects in those cities which he initiated and serves as chief executive officer.
 Those projects include the Miami Arena, whose major tenants are the NBA Miami Heat and the NHL Florida Panthers; Columbus Center, a 278,000-square-foot office building in Coral Gables which was developed in a joint venture with IBM and USAA Real Estate Company and completed in 1990; Cypress Financial Center, a 205,000-square-foot office building completed in 1987; and BP Plaza, a 590,000-square-foot office building in Houston, which was developed in a joint venture with BP Exploration and Oil and completed in 1992.
 CrimsonCorp is a comprehensive real estate, management and facilities services firm which specializes in delivering complete solutions for a broad cross-section of public and private clients.
 Among its activities, CrimsonCorp provides property management and leasing services; landlord and user representation; tenant construction management; corporate facilities management and outsourcing/shared services management; and property audit and repositioning services.
 Its subsidiary, Patrinely Group, focuses on corporate build-to-suits and buy-to-suits; development and project management for private and public facilities; repositioning and rehabilitation management; due diligence and fiduciary services for the acquisition and disposition of properties; asset and portfolio management for private investors; and real estate and financial advisory services.
 The Patrinely Group, Inc. was recently selected by Houston's MAXXAM Property Company as project advisor on Sam Houston Race Park, Texas; first Class 1 thoroughbred horse racing complex, which began construction in July in Houston. The 230-acre park is located in northwest Houston and is scheduled to open in April 1994.
 "One of the reasons we were selected to assist in this project was our experience in sports/entertainment projects such as our Miami Arena," said Michael E. Nicholls, president of Patrinely Group, Inc.
 Patrinely will serve as CEO of CrimsonCorp and Patrinely Group, Inc., and Nicholls will serve as president and COO of Patrinely Group, Inc. Nicholls was formerly executive vice president of operations for Barker-Patrinely Group.
 -0- 11/1/93
 /CONTACT: Bruce S. Rubin of Bruce Rubin Associates, 305-448-7450, for the Crimson Corporation/

CO: The Crimson Corporation; Patrinely Group, Inc. ST: Florida IN: SU:

JB-RK -- FL015 -- 9244 11/01/93 14:55 EST
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Publication:PR Newswire
Date:Nov 1, 1993

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