Behringer Harvard Partners With NY Firm

The companies combined have more than $10 billion in assets under management by a staff of more than 400 employees. Richmond S. McCoy, UrbanAmerica's president and CEO tells GlobeSt.com that UrbanAmerica found itself wanting a "broader and deeper infrastructure" with which it could serve its present and future clients.

Furthermore, "there's a tremendous need in the marketplace for high-level, professional advisory services for existing assets and portfolios belonging to owners, rather than for those companies who are just interested in brokering deals," says McCoy, who will handle the strategic reigns for the joint venture.

UrbanAmerica talked to a variety of groups, McCoy explains, and felt that Behringer Harvard offered the most comprehensive partner for going after and servicing various types of assets, including distressed real estate. The partnership will also allow UrbanAmerica to find larger advisory assignments in different areas of the real estate industry, McCoy remarks.

Meanwhile, Behringer Harvard ends up with a partner that has a successful track record when it comes to raising capital. "They're just great people," says the company's chief administrative officer Jason Mattox. "This is a strong relationship that allows us to expand our capabilities and to accelerate our business management platform." The partnership allows Behringer Harvard to expand its institutional channel as well, he adds.

Though UrbanAmerica is best known for its infill and urban investments, Mattox says there is more to the partnership than urban based projects. "We hope to do that, plus much more," he says, adding that the partnership will become involved in all real estate product types.