BETHESDA, Md. - In an effort to expand its real estate services, PricewaterhouseCoopers has acquired The Korpacz Organization, a real estate, appraisal, consulting and publishing firm based in Frederick, Md. A year in the making, the deal was officially closed on July 15.
Nearly two decades old, The Korpacz Organization is comprised of Peter F. Korpacz & Associates Inc., which specializes in the analysis of large properties, and The Korpacz Co., which is the real estate information, education and publishing arm. The former entity will be merged into PricewaterhouseCoopers' Global Real Estate Valuation/Consulting Practice, headed by Robert Ruggles. The Korpacz Co. Inc. will continue to publish the Korpacz Real Estate Investor Survey and the Korpacz Real Estate Source Directory, and will supervise current and proposed PricewaterhouseCoopers real estate research products.
"I think [the acquisition] does two things," said Pat Leardo, global head of real estate consulting for PricewaterhouseCoopers. "It puts us in a position where we now have one of the foremost authorities on real estate market analysis and information as part of our group, and it allows us to expand our product lines in valuation, appraisal and investment management."
Additionally, Peter F. Korpacz, founder of The Korpacz Organization, will become director of the global research and information group for PricewaterhouseCoope rs. Korpacz told NREI in a recent interview the acquisition will allow both he and his staff to use their talents more effectively.
The Korpacz Organization will move its headquarters to a PricewaterhouseCoopers office in Bethesda, Md.
ATLANTA & NORTHBROOK, IL - Atlanta-based Lend Lease Real Estate Investments Inc. has reached an agreement to acquire The Boston Financial Group LP, one of the largest multifamily investors in the United States. The two companies would have more than $30 billion in assets under management and nearly 100,000 apartment units in their combined portfolios. Boston Financial's investment portfolio totals $6.8 billion and includes nearly 89,000 apartment units.
In another shocker, Northbrook, Ill.-based Grubb & Ellis has entered into an agreement with Landauer Associates parent AEGON USA Realty Advisors to "acquire certain Landauer assets." Included in the agreement is the move of Landauer CEO Steven Kaplan to the role of Grubb & Ellis chief operating officer. Overall, the deal appears to broaden G&E's research services, as well as many other functions, for its existing and potential clients.