HOUSTON—Locally based Transwestern and the commercial real estate unit of European financial services giant BNP Paribas have shaken hands on a joint venture that will extend the global reach of both.
For Transwestern, the deal will bring its reach to a grand total of 181 cities in 30 European, Middle Eastern, African and Indian countries. Paris-based BNPRE, for its part, will benefit from Transwestern’s US presence to service BNPRE clients "who have real estate needs in the US,” explains Transwestern president and CEO Larry Heard.
“We selected BNP Real Estate as our partner because they’re a great cultural and strategic fit with Transwestern,” says Heard. “In addition to benefiting our clients, the alliance opens up countless opportunities.” He explains that the focus on both sides of the Atlantic—for Transwestern and BNPRE—will be on tenant advisory services, including tenant representation and corporate real estate services.
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Heard is optimistic about the upside of the venture both in terms of market share and branding. “It wouldn’t surprise us if our tenant advisory services doubled over the next three plus years,” he tells GlobeSt.com. “Our goal is to provide clients with another global real estate alternative. This effort will elevate the Transwestern brand and fulfill many of our expansion and innovation goals and priorities.”
Heading the initiative for Transwestern will be COO Mark Doran and West Coast president George Garfield, both of whom were instrumental in forging the agreement, says Heard. Together they will provide strategic guidance to the partners in addition to ensuring that the needs of all clients—both domestic and global—are met.
“Transwestern has a strong culture and an impeccable reputation for client service,” says BNPRE UK chairman Greg Cooke. “Aligning our two firms will create the strongest possible service offerings worldwide and provides us with a powerful services partner in the United States.”
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
