New Real Estate Consulting Firm Established

BOSTON-Real estate executive Samuel E. Park and his partners, F. Bruce Harlamert and Peter N. Kutrubes, have established a new real estate advisory and consulting firm.

The firm says it will combine the roles of real estate advisors, engineering firms, urban planners and equity sources. Park will serve as the president and CEO of the firm, to be called Sam Park & Co. LLC, and Harlamert and Kutrubes will be principals.

Previously, Park served as vice president of Boston-based Hall Properties and as a principal and senior vice president of Framingham, MA-based Rizzo Assoc. Harlamert worked as commercial investment broker for Spaulding & Slye Colliers, Nordblom Co. and Leggatt McCall/Grubb & Ellis while Kutrubes served as manager of traffic operations at MassHighway.

“The commercial real estate market has changed significantly during the last few years where rent increase is no longer the means to add value to a property; capital markets are unwilling to take speculative risks; and cost of entitlement process is prohibitively expensive,” notes Park, who adds that this firm will collectively help owners to objectively weigh new opportunities. “In an environment where the cost to analyze the feasibility of a project is prohibitive, we are enabling property owners to quickly and inexpensively see a path through the predevelopment and development processes. This process is how we unlock hidden values,” he says.

The firm will provide technical resources and market intelligence to development and redevelopment projects, and will gauge the opportunities and risks while confirming the market and financial feasibility of the project, expediting approvals, building commendable projects and providing seed money to jump-start the project.

“Ultimately, our resources and approach allow Sam Park & Co. enter creative partnerships with owners and developers, even on the most speculative projects if there are promising returns to our investors,” says Park. “Despite the current economic slowdown, there are enormous opportunities evolving from the current downturn in New England.”