Travers Realty Merges With Southern California Offices of Cresa

LOS ANGELES - Oct. 27, 2014 - PRLog -- Travers Realty Corporation, the oldest and most established tenant representation firm in Los Angeles, has merged with the Southern California offices of Boston-based Cresa, the largest corporate real estate company specializing in tenant representation and corporate services in North America.

The merger adds 32 brokerage professionals to Cresa’s already strong operations in Los Angeles and Orange Counties with offices in West Los Angeles, Woodland Hills and Newport Beach. Cresa will maintain the current Travers Realty headquarters in Downtown Los Angeles under the name of Travers Cresa. The newly combined firm will have nearly 150 employees within the region more than 1,000 internationally.

“The outcome of this merger is much greater than the sum of its parts,” said Cresa Managing Principal Gerald A. Porter and one of the firm’s founding principals. “While we have been great competitors, we have always shared the single-minded purpose of being strong advocates for tenants, no matter their size.  The obvious synergy created by combining the firms’ formidable talent and experience in tenant representation was a compelling driver to consummate this deal.”

“This is a merger of companies with similar corporate values, commitment and focus,” said Travers Realty founder James Travers, who becomes Managing Principal and a member of the Cresa Los Angeles Board of Directors.  “Cresa recognized the value of our talented and experienced brokerage team and we saw this as an excellent opportunity to enhance our firm’s already proven ability to service the real estate needs of our clients, on a local, regional and national basis.  The integration of the two talented brokerage teams has been seamless and without question creates an even more formidable tenant advocate.”

Travers Realty and Cresa provide their clients services in commercial lease and purchase transactions, including project management, lease administration, capital markets advisory work, site selection, and corporate portfolio management.    Collectively, the two firms have been involved in some of the largest lease transactions in Southern California history.

Both Travers Realty and Cresa were among the early adopters of exclusive tenant representation in California, spurring the debate over the benefits tenants receive from unbiased representation when compared to the traditional commercial real estate brokerage model.   Recognizing the potential conflict of interest that arises when a traditional firm represents both sides of a real estate transaction, California recently enacted a law requiring brokers to disclose their relationships with both tenant and landlord.  The new law, known as SB 1171, goes into effect in January.

“The commercial real estate brokerage industry tends to favor commercial landlords over tenants, since that’s where the large majority of revenue comes from,” added Travers.   “This new law in California should raise the awareness of the conflicts that exist within many brokerage relationships.”

“As the industry leader in tenant representation, Cresa is continually making strategic moves to grow the business and enhance our capabilities,” said Cresa’s Chief Executive Officer Jim Leslie.  “Our merger with Travers Realty in both Los Angeles and Orange County clearly accomplishes both goals spectacularly.”

Founded in 1978, Travers Realty is considered the pioneer of tenant representation in Los Angeles and Orange County.  Travers Realty has represented tenants in concluding real estate transactions valued at in excess of  $11 billion.

About Cresa

Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Strategic Services, Corporate Solutions, Site Selection, Lease Administration, Capital Markets, Mission Critical Solutions, Relocation Management, and Facilities Management. For more information, visit www.cresa.com.