Accounting, Real Estate Firms Set Up One-Stop Shop

Article excerpt

Byline: Chris Baker

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 client's 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."

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