Although the firm is being launched amid the challenges of thecredit crunch, O'Keefe tells that it wasn't formed as acrisis management team. Discussions to form the partnership beganlast spring, well before the Wall Street upheaval, he says. "Werealized that as we were going into the down cycle, there might bemore people that need our type of expertise--people with realestate assets that they didn't intend to wind up with. But by nomeans do we think we're only germane in this type of market, orthat we can only help people who have problems. Alternatively,people might have opportunities that they need advice on. We're notlike the workout specialists of the 1990s who went into somethingelse after things improved."


In a release, Glick calls the new firm "the ultimate real estatedepartment for hire." The four principals bring diverse backgroundsto the new venture. O'Keefe and Gallin have both representedtenants and landlords in the leasing of millions of square feet ofoffice space, and Gallin helped create the Edward S. Gordon Co., apredecessor to what is now CB Richard Ellis' New York operations,while O'Keefe served as president of Grubb & Ellis New York.Glick's background includes owning and operating portfolios ofmultifamily, industrial and office properties, while Sullivan'sexperience in finance and investment sales has translated intosenior positions at Goldman Sachs and Jones Lang LaSalle.


"Our value proposition is that when you hire us, you're hiringall four of us," O'Keefe tells "We have overlappingexpertise, but also expertise that extends into some differentplaces for each of us. Not only do you get all of four of us, youonly get the four of us. There are no juniors or associates. Wedon't sell the assignment and then bring in other people to doit."


The genesis for Gallin Glick Sullivan O'Keefe was a developmentopportunity Sullivan had earlier this year, which he then broughtto Gallin. "They didn't do that particular piece of business, butthey started talking about doing something together," says O'Keefe,who knew the other three principals through their mutual membershipin the Young Men's/Women's Real Estate Association of NewYork--each had served as YM/WREA chairman in former years. When thefuture partners began discussing their aspirations and goals, "wefound we were all on the same page to a remarkable degree," O'Keefesays.


Gallin Glick Sullivan O'Keefe will consult on a comprehensiverange of services, situations and disciplines, according to arelease. These include: strategic planning for sub-performing andnon-performing loans and REO, including workouts in lieu offoreclosure; office space evaluation, including portfolio andpolicy analysis for disposition, consolidation and corporate assetmanagement; acquisitions, including pricing, negotiation,supervision of due diligence, structuring and capitalization;dispositions; team assembly and direction; and growth strategiesfor real estate services firms.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.