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RUBIN & STROUSE, GREENBERG TRANSACTION COMPLETED; THE COMPANY WILL BE AMONG THE 25 LARGEST REAL ESTATE COMPANIES IN THE UNITED STATES

 PHILADELPHIA, Jan. 6 /PRNewswire/ -- In response to the economic realities of the real estate industry, two of Philadelphia's oldest and most prestigious real estate companies have joined forces.
 Total assets managed by the combined company are estimated at $2 billion.
 "We have joined forces because we feel that the strengths of our two organizations complement each other beautifully and position us to provide an even greater depth of service to our clients," said Ronald Rubin, Richard I. Rubin & Co., Inc. chief executive officer.
 "Our expanded experience and resources will be a considerable value to financial institutions and private partnerships," said Samuel Switzenbaum, president of Strouse, Greenberg.
 Both privately held firms have strong traditions of integrity and client service. The new company, they said, is founded on a shared appreciation of these principles and a commitment to view each of its future endeavors as a further reflection of the high standards of its founding partners.
 Business and personal relationships of principals from both companies are longtime. In fact, Richard I. Rubin was interviewed to work at the original company from which Strouse, Greenberg grew, sometime in the late 20s, according to George F. Rubin, RIR president.
 The combined company will manage a total portfolio of 23 million square feet, 17 million of which is retail space, with shopping centers from Massachusetts to Alabama. Included are such prestigious properties as Christiana Mall, Newark, Del., and Willow Grove Park, Willow Grove, Pa., both of which are among the highest in sales per square foot in the country; and Southpark Mall, Charlotte, N.C.; Deptford Mall, Deptford, N.J.; Independence Mall, Wilmington, N.C.; and Mellon Bank Center office tower, Philadelphia. Clients include several of the leading domestic and international financial institutions and private partnerships.
 Strouse, Greenberg brings its expertise in commercial brokerage, retail development, leasing and third party management and its history of residential management, primarily in rental apartments, cooperatives and condominium developments, with more than 9,500 units in its portfolio, including The Philadelphian, Philadelphia, the largest condominium building under one roof on the East Coast.
 Richard I. Rubin & Co., Inc. brings its experience in office building development and management, with 6 million square feet, the largest inventory of commercial space in Center City Philadelphia. The company has developed and manages close to 8 million square feet of regional malls and strip centers along the East Coast.
 The company will be headquartered in Philadelphia with regional offices in Delaware, New Jersey and North Carolina.
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 /CONTACT: Judith R. Morse of RIR Corporate, 215-875-0131, or Cathy Straus of Strouse Greenberg, 215-875-7771, or Susan Valentine of RIR Shopping Centers, 215-875-0774/


CO: Richard I. Rubin & Co., Inc.; Strouse, Greenberg ST: Pennsylvania IN: SU:

MK-CC -- PH019 -- 2344 01/06/93 16:22 EST
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Publication:PR Newswire
Date:Jan 6, 1993
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