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Woodlands Axes Commercial Property Team

THE WOODLANDS, TX-PM Realty Group and Binswanger/Conine & Robinson take over management and leasing duties, respectively, for a 45-building portfolio as the Woodlands cuts the 50-employee division.

By Jennifer Brenner Andrade | Updated on October 14, 2003

THE WOODLANDS, TX-In a decision to disband its commercial division, the Woodlands Operating Co. LP is turning over the reins to a 45-building portfolio to PM Realty Group and Binswanger/Conine & Robinson.

PM Realty gets the management contract for the package, which includes 19 Woodlands-owned properties, and Binswanger/Conine & Robinson lands the leasing. The move eliminates 50 jobs from the 1,125-member workforce, but PM Realty plans to pick up 34 employees for property management, operations construction and accounting.

Thomas J. D’Alesandro, the Woodlands’ president and CEO, says in a press release that several years of property sales have put the company at “a point where it is no longer necessary to maintain internal staffs to service properties now owned by others. We are real estate developers, not real estate operators. We strive to be visionaries, not intermediaries.”

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