For more retail coverage, click GlobeSt.com/RETAIL.

NEW YORK CITY-The big question that remains in the wake of Union Traders' purchase on Nov. 5 of retail brokerage Garrick-Aug Associates Store Leasing is if the firm's powerhouse brokerage team of Faith Hope Consolo and Joseph Aquino will stay or move on. Union Traders' Lawrence J. Selevan tells GlobeSt.com that "there is a deal, but it's just not reduced to writing yet.

"All I can say is, Faith and I have developed a great rapport," says Selevan, who takes over the role of chairman from Charles Aug. (Aug becomes a principal.) "I have the greatest admiration for what she has done, and I'm looking to give her all the support I can. We're on track to an understanding."

Consolo, through a representative, would not comment. Neither would she comment on reports that other local brokerages, including Grubb & Ellis, are currently wooing her. But sources close to the executives at Grubb are commenting--and denying the truth of the report.

In the interview, Selevan confirmed reports that Union Traders plans to take the locally based brokerage beyond its tri-state focus to a national platform, not only building on the firm's current partnership network but also scouting firms for possible acquisition. Team building will be a major part of the newly purchased organization, he states. This will be essential as the brokerage expands services into what Selevan characterizes as "full-service retail investment banking."

Instant Insights /

GlobeSt.com EXCLUSIVE: New Garrick-Aug Leader Says Consolo Deal Near

Related Stories

Recommended For You