FOR IMMEDIATE RELEASE
Stephen M. Monroe, Partner
Phone: (800) 248-1668
Fax: (203) 846-8300
New alliance to create senior housing and health care valuation powerhouse According to Irving Levin Associates, Inc.
(March 30, 1998 – New York, NY and New Canaan, CT ) – Cushman & Wakefield and Irving Levin Associates, Inc. are pleased to announce they have formed a strategic alliance for the valuation of senior housing and health care properties on a nationwide basis.
As part of the alliance, Cushman & Wakefield will assume the valuation portion of Irving Levin Associates’ business. Irving Levin Associates will remain as an independent research and publishing firm specializing in senior housing and health care. Courtney Lees, MAI, who for the past four years has been in charge of Irving Levin Associates’ senior housing/health care valuation practice, has rejoined Cushman & Wakefield to head up the newly formed senior housing/health care valuation practice. She had been a senior appraiser at Cushman & Wakefield for seven years prior to joining Irving Levin Associates.
Initially, nine appraisers with senior housing and health care experience will become members of the new specialty practice. In addition to Ms. Lees, who will be located in the Stamford, CT office, the other members of the team will be in the Atlanta, Denver, Phoenix, Portland, San Jose, Tampa and Washington, D.C. offices of Cushman & Wakefield. Five of the nine members of the new specialty practice are Members of the Appraisal Institute (MAI).
“We are very excited to have Courtney back at Cushman & Wakefield to lead this specialty practice and to form an alliance with Irving Levin Associates to grow this business,” stated Frank Liantonio, Executive Managing Director of Valuation Advisory Services at Cushman & Wakefield. “Irving Levin Associates’ contacts in the senior housing and health care arena, industry-leading research information and 50 years of experience in all facets of senior housing will provide Cushman & Wakefield with a tremendous platform as we grow our specialty practice,” Mr. Liantonio continued.
“We could not have found a better strategic fit than with Cushman & Wakefield. The vast office network of the firm, the company’s tremendous reputation as well as the large number of experienced appraisers will greatly enhance the ability to service existing as well as new clients,” stated Stephen Monroe, a partner at Irving Levin Associates. “Our goal is to help Cushman & Wakefield become the preeminent valuation firm in the senior housing and health care field.”
I am very pleased to renew my association with Cushman & Wakefield and look forward to growing the senior housing/health care practice. The geographic diversity of Cushman & Wakefield as well as the number of MAIs in the group will allow us to more effectively serve our clients, especially as it relates to completing large, multi-property assignments,” said Courtney Lees.
Cushman & Wakefield has the largest number of MAIs in the industry. In addition to its core appraisal practice, the firm’s Valuation Advisory Services unit maintains tax consulting, retail, hospitality, affordable-housing and now senior housing/health care specialty practices.
Cushman & Wakefield is the preeminent international real estate services firm. In 1997, the company was responsible for assignments representing an aggregate value of $16 billion. Cushman & Wakefield manages over 200 million square feet throughout the world. Cushman & Wakefield either dominates or is a market leader in all its businesses, including office and industrial brokerage, financial services, advisory services, asset services, corporate services, valuation advisory services and research services. Founded in 1917, Cushman & Wakefield has 5,500 employees in 45 U.S. offices and operates through Cushman & Wakefield Worldwide in Asia, Canada, Europe, Mexico, the Middle East, South Africa and South America.
Irving Levin Associates, Inc., based in New Canaan, Connecticut, is a research and publishing firm that has specialized in senior housing and health care investments for 50 years. It publishes industry-leading reports and newsletters on the senior housing and health care merger and acquisition market and has the largest database of senior housing and health care transactions in the country.
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FOR IMMEDIATE RELEASE