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Insite Realty Partners Split Up

HOUSTON-A founding member and three others exit to form Blackstone Partners, buying the corporate services division for their catalyst. A fifth leaves to start Avera Capital Partners. And the remaining four turn their focus to ownership and development.

By Jennifer Brenner Andrade | Updated on February 29, 2004

HOUSTON-After a 10-year run, the locally based Insite Realty Partners LP has amicably split up with a founding member and three others forming Blackstone Partners and buying the corporate services division for the launch. Another top executive leaves to set up Avera Capital Partners.

“Ten years ago when we started Insite, our shared overhead and diversity of operations enabled us to establish an identity and thrive financially,” Rand Stephens says in a prepared statement. “Now that both the brokerage and investment services sides of the business have a strong history of success it makes sense to segregate the two distinct businesses to be more competitive in capitalizing on market conditions.” Stephens’ partners in the new group are Josh LaRocca, Chris Torn and Scott Torn.

With the breakup, Insite has relocated to Fountainview Tower, a 175,000-sf, Galleria-area building it acquired last year while Blackstone has settled into 3050 Post Oak Blvd., also in the Galleria. Also leaving was Insite partner Trey Odom, who started Avera.

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