Belvedere has a client base that includes CBS MarketWatch and Silicon Valley Bank. As it becomes known that it is a franchise of Prudential-CRES, Belvedere's logo will slowly disappear.
Prudential-CRES was formed last June when Prudential Commercial Services, a division of The Prudential Real Estate Affiliates, Inc., entered into a 10-year service agreement with Beverly Hills, CA-based Commercial Real Estate Solutions LLC.
Prudential-CRES is Prudential's latest effort to become a major commercial property player. The company is franchising its Prudential-CRES banner to selected independent brokerages throughout the United States. The company is interested in expanding in California markets, such as San Francisco, East Bay and Silicon Valley.
Bruce Carter and Phil Bright, principals of Belvedere, are Prudential's first franchisees in Northern California. Carter and Bright paid a franchise fee and agreed to pay monthly fees in exchange for Prudential funding that will enable them to upgrade their information systems.
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