CRESA, Weatherall Ink International
Pact at IDRC's New York Congress
Going global: That's the strategy that's fueled many organizations' rise to dominance, including The International Development Research Council (IDRC), the world's preeminent corporate real estate association. In fact, several years ago, IDRC substituted "International" for the "Industrial" that was part of its original moniker.
It was appropriate, then, that Boston-based CRESA Partners (www.cressapartners.com) and London-based Weatherall International (www.weatheralls.co.uk) chose to announce their global partnership at IDRC's record-breaking New York World Congress.
And in another bit of synchronicity, the CRESA-Weatherall announcement came at a World Congress at which IDRC leaders were sorting through their own potentially epochal alliance, this one with the National Assn. of Corporate Real Estate Executives (NACORE at www.nacore.com). The looming integration of IDRC and NACORE will produce a real estate association of uncommon reach and scope. To great extent, it could produce a sort of one-stop shop for high-end real estate expertise.
Creating that sort of single-source contact was the driver behind the pact that CRESA Partners and Weatherall International announced during IDRC's New York World Congress. The combination of the two, both IDRC members, may yield an affirmation of the summativity principle: The whole greater than the sum of its parts, linking domestic and international, physical space and cyberspace.
Said CRESA Partners President and CEO Michael Dow, the former Jones Lang Wootton U.S. CEO and Chairman, "This is the most substantial partnership of its kind -- a strategic, global alliance focusing on occupiers. The marriage of CRESA and Weatherall's common interests in tenant representation and corporate services will ensure the highest standards of integrated service worldwide."
CRESA selected Weatherall International, Dow explained, because of its extensive global reach and strong focus on tenant representation and corporate services.
Established in 1994, CRESA is North America's largest alliance of firms specializing in tenant representation and corporate services. Currently, corporate real estate firms in more than 40 North American cities are part of the CRESA alliance, and 11 firms are jointly owned as CRESA Partners LLC. CRESA plans to expand to 50 North American members, with CRESA Partners opening offices in 10 additional markets.
The brand name of Weatherall, Green & Smith's worldwide network of associate firms, Weatherall International provides real estate consulting services to occupiers and investors in markets throughout Europe and the Far East, as well as in North America. Accordingly, Weatherall saw CRESA's North American reach as a good fit.
Weatherall officials said they also liked CRESA's strong credentials in cyberspace. Some media accounts, for example, have dubbed CRESA Partners Co-chairman and Metrospace Corp. founder Gerald Porter "today's most wired broker." And CRESA represents more than 200 dot-com companies, according to Dow.
Said Weatherall Green & Smith senior partner Greg Cooke, "This tie-up will allow us to capitalize on e-commerce and Internet companies, giving us access to this growth sector of the market. It fits in perfectly with our overall international marketing strategy to provide high-quality consultancy advice under the Weatherall International banner."
Commented Dow, "CRESA welcomes this opportunity to partner with Weatherall International, which like CRESA, has a strong corporate real estate background. This will allow our North American clients, particularly those in the e-commerce and web-based technology, to receive the same high quality of services they receive in North America and around the globe."
Officials from the two companies said that the alliance partners were already working on several major dot-com deals, including the relocation of Yahoo! Inc.'s London headquarters.
Weatherall International officials said that the pact would make Weatherall the only independent UK firm with a presence in New York and throughout the United States, including Silicon Valley.
Commented Marcus Rayner, president of Weatherall International's New York office, "This tie-up has happened at the right time. With a well-established office already operating in New York and a focus on representing tenants and owner occupiers, this tie-up with CRESA will make Weatherall International global market leaders in the technology sector, with a strong presence in the U.S."
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