posted on June 04, 2011 01:34
Griffin Partners Inc. has entered into a joint venture with iCORE Global to form iCORE Houston, a commercial real estate firm with international connections.
San Jose, Calif.-based iCORE, which stands for international consortium of regional experts, is a group of affiliated commercial real estate offices around the world. The partnership with Houston-based Griffin Partners is designed to give both companies broader capabilities for their clients.
Drew Lewis, co-chairman of Griffin Partners, was named managing partner of iCORE Houston. and appointed to the iCORE Global board of directors.
Griffin Partners is providing operating capital for iCORE offices in Texas. Besides Houston, offices are planned for Dallas, San Antonio and Austin.
iCORE’s operating model resembles that of corporate America rather than a traditional real estate company, which is more fee-driven, officials said.
“The fee-driven modal has a tendency to conflict with our fiduciary responsibility to the client,” said Samantha Mueting, managing director and CEO of iCORE Global.
The strategy of iCORE is to bundle services and act more as a consultant, she added.
Griffin Partners, which will continue operating separately from ICORE Houston, has embraced a similar business philosophy for many years, said Lewis.
5/6/11, Jennifer Dawson, Houston Business Journal