Cendant officials and executives with CB Richard Ellis, whorepresented Purdue Pharma in the transaction, confirm the deal,which had been rumored in the real estate brokerage community.
Scott Bernstein, president of Cendant Membership Services, says,"Currently all of our executive team, more than 450 people, aresituated in four buildings on Summer Street in Stamford. The leasewill allow us to consolidate and have our management under oneroof."
He says Cendant Membership Services, which was formerly CUCInternational, will relocate to the Purdue Pharma building by theend of the first quarter 2001. Bernstein reports the spin off ofwhat is now Cendant Membership Services and Cendant Incentives,based in Richmond, VA will take place by mid-2001. The new company,yet-to-be-named, will be an independent public company. Bernsteinwill take over as chief executive officer of the new company.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
