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Koger Equity Approves Name Change

BOCA RATON, FL-The locally based company, which acquires and develops class A office properties, will become CRT Properties Inc. around July 1, named after Crocker Realty Trust Inc., a former office real estate investment trust that Koger CEO Thomas J. Crocker led.

By Melissa Bogdany | Updated on June 24, 2004

BOCA RATON, FL-Koger Equity Inc. is changing its name to CRT Properties Inc., effective around July 1. The company will continue to acquire and develop dominant class A office properties in major southeastern US, Texas and Maryland markets, specifically South Florida, Atlanta, Dallas, Houston and suburban Washington, DC Currently, the company’s portfolio consisted of 132 office buildings with 10.4 million rentable sf of commercial office space.”Koger has evolved into a new company over the past three years, with a new management team, (an) improved portfolio and a well-focused investment strategy,” CEO Thomas J. Crocker says in a statement.In 2000, Crocker joined Koger after he had led Crocker Realty Trust Inc., or CRT, a privately owned office real estate investment trust, which sold what was left of its assets last August. Since he joined Koger, Crocker and other former CRT senior executives repositioned Koger’s portfolio, and over the last few years, the company has acquired interests in more than $480 million in class A office buildings.”We have concentrated our efforts on acquiring underperforming but well-located trophy properties that can be purchased below replacement cost,” Crocker says. “Additionally, we target in-fill locations with irreplaceable transportation access, proximity to desirable housing stock and other retail and cultural amenities. By purchasing at a discount, then utilizing our leasing and management expertise to improve occupancies and operating margins, we can generate significant additional earnings and long-term value for our shareholders.”

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