The merger is a great fit, according to company executives. Griffin needed to grow its portfolio or cut back itsproperty management staff, while SchafeRichardson hadtrouble finding enough staff to manage its properties,says Bob Dunbar, president of Griffin Cos.. "SchafeRichardson is growing so fast; this is a greatway to add competent and experienced staff to theportfolio," says Kit Richardson, a principal inSchafeRichardson.
The new company manages more than 3 million sf ofcommercial property in the Twin Cities as well as morethan 1,000 apartment units and employs 67 managers,technicians, and administrative staff.
SchafeRichardson will focus on its acquisition,development and construction activities as a separateentity owned by Richardson and Brad Schafer. GriffinCompanies Sales and Leasing, with about 20 brokers,will exist as a separate entity owned by Dunbar.
Griffin S.R plans to grow by seeking to providemanagement for independent owners and acquiring smallproperty management companies, Dunbar says.
SchafeRichardson began in 1996 as a full service realestate company offering leasing and brokerage servicesto outside clients. Over the past 4 1/2 years, thefocus has shifted to real estate development andsyndication. The 31-year-old Griffin Cos. manages several complexesin the Minneapolis area, including Rosedale Towers,Tri-Tech Office Center, and Open Book on WashingtonAvenue.
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