NEW YORK CITY-Situs, a global provider of commercial real estate advisory services and integrated process and technology solutions, has acquired Real Estate Research Corp.—reportedly one of the first consulting firms to provide valuation management and fiduciary services, appraisal and litigation services and research, risk analysis, and publications. Meanwhile, Situs has appointed its managing director, Andrew Serling, head of parent company Ranieri Partners Asset Management.
The acquisition of RERC enables Situs to provide an expanded suite of services and solutions to its clients, including equity side focused knowledge and capabilities, which complement Situs' debt side expertise and products. Through this deal, Situs and Ranieri will gain both access to a client base that includes significant equity providers—such as insurance companies and pension funds—as well as the ability to offer its customers deeper CRE data analytics.
As for Serling, in his new role he will provide strategic direction to the investment advisor and present Situs with business development opportunities as they pertain to commercial mortgage backed securities bond investors. Additionally, Serling will continue to serve as managing director for Situs.
Regarding the RERC acquisition, Situs CEO Keith Johnson says, “RERC will provide us with the additional resources, management experience and expertise that will benefit our valued clients. The combined offerings of our two firms will enable companies to access a robust menu of advisory and technology solutions, as well as an abundance of intellectual capital to meet their needs in today's challenging commercial real estate market. We are excited to bring an organization like RERC in to the Situs family, given its longevity and quality reputation in the industry.”
“Our firms complement each other very well as we are able to leverage Situs' core strengths to enhance our business proposition,” adds Kenneth Riggs Jr., RERC president. “Our valuation management and consulting services have been extremely successful to date; we are excited to explore more opportunities under Situs' lead in order to best serve the marketplace.”
Under the terms of the agreement, both Situs and RERC will retain their separate corporate identities/names, internal management and staffing structures, as well as their respective client service work. In addition, RERC will continue to publish the RERC Real Estate Report and Expectations & Market Realities in Real Estate, and seek to include additional debt research in its risk analysis and reporting.
With regard to Serling's appointment, Situs president Steve Powel says “This is a significant appointment at a pivotal time for Ranieri Partners Asset Management, and we are confident that Andrew's leadership qualities, combined with his strategic thinking and relevant experience, will enable him to leverage the key attributes of the Situs Platform. I am certain that Andrew's approach and his unparalleled track-record of integrity and delivering client focused results will be highly valued and complementary to our board business.”
A senior financial executive and self-directed leader, Serling brings more than 20 years of experience in real estate capital markets and investments. Throughout his career, Serling has managed teams comprised of traders, analysts, and operations professionals under various investment platforms.
“This is a remarkable opportunity to further develop and grow Ranieri Partners Asset Management,” says Serling. “The Situs platform is well-positioned to cultivate opportunities across the global commercial real estate capital markets industry. Furthermore, we look forward to partnering with existing and future clients to assist them by supporting, identifying and executing favorable investment opportunities.”
Serling joined Situs in January 2013 after having spent 15 years with Berkadia Commercial Mortgage and its predecessors Capmark Investments and GMAC Commercial Mortgage, where he was head Trader and a founding member of the Debt Investment Group. In addition, he was a founding member of the CMBS trading business at Lehman Brothers.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
