- The Washington Times - Monday, August 20, 2001

A Bethesda accounting firm and a Baltimore real estate brokerage have joined forces, creating a new company they say will become a leader in two industries that increasingly overlap.
Certified public accountants Reznick Fedder & Silverman and Corridor Commercial Real Estate Group last month established Corridor RF&S; Real Estate, which offers a mix of the same services available through the parent companies.
For example, the new company will help clients determine the costs of their real estate projects, as well as the clients' access to debt and equity.
Corridor RF&S; is based in Baltimore, but does business throughout the region. Its backers believe it is the first time an accounting firm and a commercial real estate brokerage have come together to offer services jointly.
"We will now be able to create and introduce real estate opportunities to our clients and prospective clients," says Gary Perlow, a Reznick Fedder & Silverman principal.
Michael Glick, a former Corridor Commercial Real Estate broker who now serves as managing director of Corridor RF&S;, says the new company makes real estate planning more convenient and efficient.
"We are now a one-stop shop for commercial real estate services, which will result in direct savings to our clients," he says.
Corridor RF&S; was born at a time when the lines that separate the real estate business from other industries are becoming blurred.
At the height of the technology business boom in the late 1990s, some landlords acted like venture capitalists, reducing rent and loosening lease terms in exchange for an ownership stake in some of their dot-com tenants.
Meanwhile, the banking industry recently asked the Federal Reserve Board for permission to offer real estate services, including handling sales and leases and property management.
Mr. Perlow says accounting firms across the country are "exploring ways to add resources and services outside the typical financial and accounting arenas that will strengthen relationships with their clients, while also generating additional revenue for the firm."

New Manekin contracts

Regional real estate firm Manekin is taking over the management of 14 offices, warehouses and shopping centers in Maryland.
The local properties include Forbes 50 Business Center, a Bowie office campus with 50,000 square feet; Montpelier Research Park, a 43,785-square-foot office complex in Laurel; offices at 9600 and 9602 Martin Luther King Jr. Highway in Bowie; and Walnut Ridge Center, a 61,769-square-foot strip mall in Frederick.
In Columbia, Manekin will manage the Snowden Center, a four-building office complex with 144,826 square feet; the Rumsey Center, four offices with 138,600; Rivers Center, a 133,850-square-foot office building; and a 38,232-square-foot warehouse-style building at 6301 Stevens Forest Road.
Manekin will also manage a 60,000-square-foot warehouse in Jessup.
The other contracts cover property in the Baltimore area and western Maryland.
Manekin previously focused on managing property it already owns. Each of the new contracts are with companies that want the Columbia-based firm to take over managing their property, says Barbara Alden, a Manekin vice president.
"The common element among [the new clients] was a desire to bring a new level of day-to-day property management expertise to their project. In certain instances, our ability to combine expert marketing and leasing services was a significant factor in our selection," she says.

In other news

D.C.-based developer Wilkes Co. has purchased the former Georgia Pacific Distribution Facility next to the New Carrollton Metrorail station. Freightliner Trucks and Washington Archives now lease the facility, which has 75,000 square feet of warehouse space and 5,000 square feet of office space. Local brokerages CB Richard Ellis and Uhar & Co. arranged the deal, which Community Bank of Tri-County financed. Terms were not disclosed.
Corporate Office Properties Trust has bought two buildings near Baltimore-Washington International Airport. The first building has four floors with 91,534 square feet and is fully leased; the second building has 5,627 square feet and is used as a fitness center. The Columbia, Md., real estate investment trust owns and manages 4.5 million square feet in 60 buildings near the bustling airport.
JPI, a Dallas company that builds apartments across the country, has started construction on the Jefferson at Carlyle Mill, an Alexandria complex that will have 315 units. Leasing is scheduled to begin in June.
Chris Baker can be reached at 202/636-3139 or [email protected]


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