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Faison Buys Back Development and Mall Management Units From Crow

CHARLOTTE-The transaction does not affect the ownership of any real estate assets. The acquisition means 233 full-time Trammell Crow employees in Charlotte, Orlando, Atlanta and Bethesda, MD now will be working for Faison Enterprises.

By Alex Finkelstein | Updated on February 27, 2002

CHARLOTTE-Faison Enterprises Inc., a 35-year-old, privately owned merchant bank and real estate firm, is buying back two development and mall management/leasing segments from Trammell Crow Co. for an undisclosed sum. The multimillion-dollar deal is expected to close by weekend, according to a prepared statement from Crow.

Henry J. Faison, chairman/founder of Faison, will resign as executive vice president of Crow at closing but will remain a member of Crow’s board of directors.

James H. Culpepper IV, responsible for the management of both the merchant build and the mall businesses for Crow, will rejoin Faison as executive vice president. He served in a similar capacity from 1983 until the sale of the bulk of the businesses to Crow in July 1998 for an undisclosed amount. The remainder was sold to Atlanta-based Cousins Properties Inc., also for an undisclosed sum.

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