The merger is a great fit, according to company executives.Griffin needed to grow its portfolio or cut back itspropertymanagement staff, while SchafeRichardson hadtrouble finding enoughstaff to manage its properties,says Bob Dunbar, president ofGriffin Cos.. "SchafeRichardson is growing so fast; this is agreatway to add competent and experienced staff to theportfolio,"says Kit Richardson, a principal inSchafeRichardson.

The new company manages more than 3 million sf ofcommercialproperty in the Twin Cities as well as morethan 1,000 apartmentunits and employs 67 managers,technicians, and administrativestaff.

SchafeRichardson will focus on its acquisition,development andconstruction activities as a separateentity owned by Richardson andBrad Schafer. GriffinCompanies Sales and Leasing, with about 20brokers,will exist as a separate entity owned by Dunbar.