STROUSE, GREENBERG & CO. TO MERGE WITH RICHARD I. RUBIN & CO.
STROUSE, GREENBERG & CO. TO MERGE WITH RICHARD I. RUBIN & CO. PHILADELPHIA, Aug. 13 /PRNewswire/ -- Strouse, Greenberg & Co., Inc. (SG) and Richard I. Rubin & Co., Inc. (RIR) have reached an agreement in principle to combine their operations, Ronald Rubin, chairman and chief executive officer of RIR and Samuel Switzenbaum, president of SG, announced today. When formally consummated, the consolidated companies will have a dominant position in the regional real estate market and a strong national research. Combined, the two firms will manage more than 23 million square feet including 17 million square feet of retail space and 6 million square feet of office and commercial real estate. This will place the combined companies among the top 25 retail management firms in the country and will make it the largest manager of office space in Philadelphia. "We are pleased to have the prestige of Strouse, Greenberg aligned with us. They have tremendous talent and operational resources and we are excited to have their strong leadership as part of our team," stated Rubin. "The future of the real estate industry will be shaped by larger and more aggressive firms. What we gain from this strategic merger will better position us to compete nationally while increasing our ability to provide a complete range of real estate services to our clients." Strouse, Greenberg brings 8,500 residential units, in excess of 9 million square feet of shopping center space and 1 million square feet of office and commercial real estate space to the Rubin property management portfolio. Switzenbaum said, "The strengths of these organizations complement each other beautifully. We are extremely pleased about the future growth opportunities this merger will provide, and the synergy that has already developed between the two companies." "After combining the resources of Richard I. Rubin & Co., Inc. and Strouse, Greenberg, we expect to create significant new opportunities in the areas of third-party and institutional management," said Rubin. "In addition, our expanded experience and resources will be of considerable value to financial institutions now facing a variety of real estate management challenges." Strouse, Greenberg & Co., Inc., was founded in Philadelphia in 1916. SG's operations include brokerage, property management, shopping center, appraisal and counselling, investment/syndication, financing/institutional sales and insurance divisions. Richard I. Rubin & Co., Inc. is a family-owned business started in 1945. Headquartered in Philadelphia, it has grown from a one-man shop to an employer of more than 500 people. Rubin projects in the Philadelphia area include the conversion of the historic Bellevue- Stratford and jointly with the Equitable Life, the Mellon Bank Center and the mall at Willow Grove Park. /delval/ -0- 8/13/92 /CONTACT: Judith Morse, 215-875-0131, or Stephanie Miller, 215-732-4100, both of The Tierney Group, for Richard I. Rubin & Co., Inc./ CO: Richard I. Rubin & Co., Inc.; Strouse, Greenberg & Co., Inc. ST: Pennsylvania IN: REA SU: TNM
MJ-MP -- PH023 -- 9687 08/13/92 13:42 EDT
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|Date:||Aug 13, 1992|
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