Cynthia Milka, the new director of business development for AAM

CHICAGO—As part of a new national strategy and reorganization of the Alter Group, Alter Asset Management, an affiliate of the company, will become an independent firm, according to its president, Samuel F. Gould. The suburban Chicago-based AAM was founded in 1971 as an in-house division of Alter and also has regional offices in Phoenix and Atlanta.

AAM will provide service to third party clients as it has for the past fifteen years, he added, targeting building owners and assets that fall outside the scope of national firms and cater to boutique owners and ownership groups seeking personalized services. “Our specialty is the core and value-add properties that need dedicated “high touch” service and the significant expertise in value creation that only someone with an owner’s perspective can provide.”

Gould was not available for comment at press time, but will provide an update later this week.

Over the years, AAM has attracted third-party business from firms such as Northern Trust Bank, Harrison Street Real Estate Capital, Sentinel Real Estate Corporation, and Washington Capital Management. It will continue to manage Alter’s portfolio of office, industrial, and healthcare assets as well as its US land holdings of more than 1,000 acres.

AAM has rebranded itself with a new logo and revamped website. It also recently hired industry veteran Cynthia S. Milka as its director of new business development. Milka has 15 years of institutional and portfolio experience, including senior positions at Keystone Property Group and Trammell Crow Company/CB Richard Ellis.