Trammell Crow Company Acquires CORE Resource, Inc.
30 June 1998
Trammell Crow Company Acquires CORE Resource, Inc.
DALLAS--June 30, 1998--Acquisition Enhances TCC's Corporate Services
Presence in the Automotive Industry
Trammell Crow Company , one of the nation's largest diversified commercial real estate services companies, announced today that it has acquired CORE Resource, Inc., an Auburn Hills, MI-based corporate real estate service firm. CORE Resource expands Trammell Crow Company's presence in the corporate infrastructure management services market and strengthens its experience in the automotive industry. It also adds a prestigious client, Volkswagen of America, Inc. for which the Company's Trammell Crow Corporate Services Division will now provide comprehensive real estate services nationwide.
Formed in 1994 as a spin-off of Volkswagen of America's real estate group, CORE Resource, Inc. has handled all real estate activity on behalf of Volkswagen of America, Inc. for more than four years. It has provided the well-known global carmaker with acquisition, disposition, project management, construction management, space planning and facility management real estate services.
CORE Resource's three principals will join Trammell Crow Corporate Services and continue to service Volkswagen as a client. The principals have more than 75 years combined experience in the automotive industry, serving customer needs in office, manufacturing and dealership environments.
"The acquisition of CORE Resource by Trammell Crow Company will further enhance our service to Volkswagen of America, Inc. Our unique automotive real estate expertise combined with TCC's strong national presence and market leadership in infrastructure management services will ensure the automaker receives outstanding service in Michigan and nationwide," said CORE Resource, Inc. President William Devine.
"CORE will provide Trammell Crow Corporate Services not only talented people and a blue chip client relationship with Volkswagen, but also deep experience in the automotive industry," said Trammell Crow Corporate Services Midwest Region Managing Director Jon Seiz. "We are very excited about serving Volkswagen of America, Inc., a dynamic, multi-billion dollar firm with a reputation for excellence for a very long time."
The acquisition of CORE Resource is part of Trammell Crow Company's strategy to deliver industry specific real estate solutions, establish an industry focus in the automotive sector, and pursue other opportunities within that industry.
Trammell Crow Corporate Services is a leading provider of infrastructure management services in the real estate industry. It serves an extensive base of corporate customers in the banking, insurance, healthcare, technology, oil and gas, utilities, consumer services and retail industries. In April, it launched its expansion in the higher education marketplace with the signing of an agreement with the University of Pennsylvania to provide infrastructure management services. The CORE Resource acquisition further supports Trammell Crow Corporate Services' industry-focused growth strategy.
Added Trammell Crow Company President and CEO George Lippe, "Trammell Crow Company's goal is to be the number one or number two provider in each of the major US metropolitan markets as well as in its five lines of business. Today's announcement with CORE Resource is a strategic step forward in achieving those objectives, adding to our Company another group of professionals who share our values."
A division of Trammell Crow Company, Trammell Crow Corporate Services provides consulting, development, facilities management, management of accounting and information systems, project leasing, sub-leasing, and office services.
Founded in 1948 by Mr. Trammell Crow, Trammell Crow Company is one of the largest diversified commercial real estate services companies in the United States. Through 150 offices in the U.S. and Canada, the Company delivers a comprehensive range of services including property management, brokerage, infrastructure management, development and construction and retail services.