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PM Realty Group's National Presence Will Help TCP Find and Evaluate Investments As Acquisition and Asset Managment Strategy Goes National
Houston, TX - In a newly formed strategic alliance, TCP Realty Services has selected PM Realty Group to take over the property management, leasing and construction management, as well as oversee the on-site staff, of a 24-property Houston-area portfolio owned by affiliate TCP Holdings, LLC.
The 3.3 million-square-foot portfolio is approximately 80 percent office, 10 percent retail and 10 percent industrial space. TCP Realty Services continues to manage and lease TCP Holdings’ properties in Dallas, Austin and San Antonio.
“With PM Realty Group providing quality property management and leasing of the Houston portfolio, senior executives of TCP Realty Services and affiliated companies now have more time to devote to their core business of acquisition and asset management,” said Robert Neely, chairman and CEO of TCP Holdings, LLC, the parent company of TCP Realty Services. “In addition, our affiliate, TCP Realty Advisors, will continue to conduct asset management of the Houston portfolio.”
“This alliance with PM Realty Group, with its offices in 42 states, creates a real opportunity to expand our acquisition activity beyond Texas,” said David A. Thomas, principal and chief investment officer of TCP Holdings. “We see this alliance as the first step in our national expansion, as well as a chance to refocus on seeking value-added opportunities.”
PM Realty Group, one of the nation’s leading full-service commercial real estate firms, provides services to nearly 25 million square feet in the Houston metro area and more than 120 million across the country. The company’s size and focus on real estate services are expected to bring efficiencies to the TCP portfolio. Moreover, its emphasis on personnel development and training provides a more dynamic career path for dedicated on-site professionals.
“In forming this alliance, TCP Realty Advisors is ensuring that their investment properties receive the advantages of our state-of-the-art management and leasing programs and the efficiencies, focus and value creation initiatives for which PM Realty Group is known,” said Rick Kirk, president of PM Realty Group. “In addition, TCP is maximizing the career and professional development opportunities for their employees while gaining the nationwide support provided through PM Realty Group’s network of real estate professionals as their acquisition program focuses on new markets.”
“In a highly competitive market for real estate services, we are proud to have been selected as the preferred management and leasing specialist by TCP for its Houston portfolio,” said Bill Goeke, senior vice president and director of the Central Division of PM Realty Group. “With this assignment, PM Realty Group has surpassed 6 million square feet of new business in the Houston area this year.”
About TCP Holdings, LLC
Formed in 1985, TCP Holdings, LLC is a Dallas-based commercial real estate investment and service company that specializes in the investment, acquisition, and value enhancement of underutilized office, retail and industrial real estate. To date, TCP has been involved in 74 projects totaling approximately 10 million square feet at an aggregate cost of more than $640 million. By implementing aggressive renovation, property management and leasing programs, TCP Realty Services has brought about dramatic occupancy increases and operating expense savings at properties managed for its own account and on a third-party basis. TCP Realty Services opened its Houston office in 1994 and grew to become Houston’s 10th largest property management company by 1998. | 
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