Lawrence Gray and Robert Verrone have been named co-heads ofReal Estate Americas. The group covers all domestic of its realestate clients including public and privately owned real estateoperators, homebuilders and gaming companies, commercial mortgagebacked securities, structured finance, real estate corporatebanking, tax credit and agency finance, real estate syndications,and real estate collateralized debt obligation sales andtrading.

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Gray is a managing director and former head of the firm's RealEstate Investment Banking group. He joined the company in 1997 toform the Real Estate Investment Banking group, which he has led forthe past 10 years. Verrone is a managing director and former headof Real Estate Capital Markets Americas. He joined Wachovia in1995.

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Leslie Fairbanks is the new co-head and Dan Sullivan has beennamed as interim co-head, of Real Estate Asset Management, whichincludes Wachovia's CMBS servicing operation, construction loanunderwriting, and construction loan portfolio management. A formerattorney at several New York law firms, Fairbanks joined Wachoviain 1999. Sullivan previously managed the Debt Capital Markets teamwithin Wachovia's Real Estate Corporate Finance group.

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Wachovia's real estate platform will service clients throughthese two business lines--Real Estate Americas and Real EstateAsset Management--and its executives will report to Tom Wickwire,managing director and head of Structured Products within the FixedIncome division of the Corporate and Investment Bank. The firm isalso expanding its global coverage, moving Bill Green, managingdirector and former head of Real Estate Capital Markets in the US,to London to become head of Real Estate Europe.

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Clients can expect to see the same, if not increased, level ofcreativity in Wachovia's product development as a result of the newplatform, Wickwire tells GlobeSt.com. "We are always looking atdeveloping new products and having the real estate operations inone division will facilitate that. We did the first CRE CDO, forinstance. Now, by putting together these people we can come up withnew real estate solutions using the capital markets and own balancesheet."

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