NEW YORK CITY-The former US commercial real estate arm of global conglomerate Louis Dreyfus Group has a new name—and a fresh outlook. The management ownership has been renamed to Property Group Partners, marking the completion of a process that began several years ago when Louis Dreyfus began taking steps to gradually exit the development business, GlobeSt.com has learned.

According to a company announcement, Louis Dreyfus began selling group equity positions to various institutional investors while retaining the management’s investments and property management duties under a long-term plan. But despite the name change, the company’s direction—for the most part—is staying the same.

“It’s actually part of the old strategy,” Jeffrey I. Sussman, founder and president of Property Group Partners, tells GlobeSt.com. “Louis Dreyfus has exited the real estate business, and all of it was transacted through us, so rightfully so, they wanted their name back,” he says. Sussman, who founded Louis Dreyfus in 1971, has developed and acquired more than 12 million square feet of class A office properties in North America and Europe over the last 40 years with his team.