First American Acquires KTR Newmark Real Estate Services and KTR Newmark Consultants
September 7, 2006, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced that it has acquired the business and operations of privately held KTR Newmark Real Estate Services LLC and KTR Newmark Consultants LLC, two firms that, combined, offer a full range of advisory services relating to the appraisal, environmental and engineering aspects of commercial real estate investment. Terms of the acquisition, which closed Sept. 1, 2006, were not disclosed.
As part of First American, the combined businesses will operate under the name KTR Valuation & Consulting Services, LLC (KTR), a wholly owned subsidiary of The First American Corporation. Headquartered in
“Offering our clients a fully integrated real estate service experience has been and continues to be our guiding principle,” said Terence Tener, an 18-year veteran of KTR Newmark and an accredited Member of the Appraisal Institute (MAI) and the American Society of Appraisers (ASA). “There is a tremendous need for our services nationally, and we look forward to the increased service integration and growth opportunities made possible as part of the First American Family of Companies.”
Tener will now serve as chief executive officer of KTR Valuation & Consulting Services, LLC.
KTR’s valuation and consulting services have been employed by some of the world’s largest corporations in connection with commercial real estate projects, which recently have included the MGM Grand in Las Vegas and many of New York’s most notable properties, such as the General Motors Building, 40 Wall Street, Lever House, the Seagram Building and the retail section of the Time-Warner Center at Columbus Circle. KTR’s expert staff, which is involved in more than 1,000 projects per year, is also assisting with several large-scale projects currently underway in
“KTR employs many of the most sought-after commercial real estate service specialists in the nation,” said James M. Orphanides, regional vice president for First American Title Insurance Company and now chairman and president of KTR Valuation & Consulting Services, LLC. “This acquisition presents a tremendous opportunity for First American to extend our relationships with the nation’s largest commercial property companies, corporations, investment banks, pension funds, real estate attorneys and municipalities.”
Increasingly, accounting guidelines forwarded by entities such as the Financial Accounting Standards Board (FASB) require more detailed and accurate valuations of business assets. Companies seeking to comply with these reporting standards—particularly large, publicly held corporations regulated by the U.S. Securities and Exchange Commission—are more frequently in need of qualified, unbiased third-party appraisal services offered by companies such as KTR.
“FASB changes could result in even broader business opportunities for KTR,” said Curt G. Johnson, director of National Commercial Services for First American Title Insurance Company and executive vice president of the newly formed KTR Valuation & Consulting Services, LLC. “We look forward with great enthusiasm to the prospects of this unique and highly specialized business line.”
In addition to Orphanides, Tener and Johnson, KTR’s executive management team will include Chief Operating Officer Thomas Tener, Comptroller Elliot Yang, Senior Vice President Theresa Nygard, MAI, and National Sales Director James Ryan.
About First American
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is