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Compass, FTI JV on Investment Bank

NEW YORK CITY—FTI's Bruce Schonbraun and Compass' Stephen Waters serve as co-CEOs; Lehman veteran David Lazarus will manage the operation.

By Cody Lyon | Updated on October 19, 2009

NEW YORK CITY—FTI Consulting and the Schonbraun McCann Group have joined Compass Advisers, LLP to create EdgeRock Realty Advisors, an independent boutique real estate investment bank. According to a release, EdgeRock will advise real estate, owners and institutional investors on M&A and divestiture transactions, private capital raising and IPO and other capital market strategies and transactions. The new firm will be headquartered here.

FTI’s current head of global real estate, Bruce Schonbraun, and Compass Advisers founder Stephen Waters will take on the role of co-CEOs at EdgeRock. The company is also bringing former LehmanBrothers/Barclays Capital global real estate managing director David Lazarus as senior managing director.

Lazarus tells GlobeSt.com that the group had been discussing this venture well before the events of 2008 that culminated with Lehman’s extinction. In fact, he says, “early on, the mission was to provide a differentiated level of service to real estate owners.” However, he acknowledges that pressures on big banks have led to an evolution of the big bank business model, which in turn has created fundamental challenges in capitalizing and financing for real estate owners and operators.

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