Cresa Acquires PSG; will offer wholly owned lease administration and accounting services to further serve clients
Cresa, the world’s largest occupier-centric commercial real estate firm, today announced it has completed the acquisition of Portfolio Solutions Group (PSG), a full service lease administration, accounting and abstracting services company. It will be renamed Cresa Lease Administration (CLA). Jeffrey Tosello, managing partner and founder, and Meredith Kern, partner, will remain at the helm of CLA, reporting to Jim Underhill, CEO, Cresa.
Cresa clients will be integrated directly with CLA’s technology-based platforms. CLA offers a wide range of services, including Lease Database Consulting, Document Collection, Data Extraction, Audit, Database Population, Support and Portfolio Strategy for companies in multiple sectors, including Office, Industrial, Retail, and Healthcare. The lease administration acquisition presents opportunities to integrate processes and technologies with other core Cresa services, providing an end-to-end solution for Cresa’s clients.
“The acquisition of Portfolio Solutions Group will provide a significant competitive benefit to Cresa, and more importantly to our clients. They have demonstrated performance over 20 years for notable corporate brands, in a sector that requires constant innovation and technology investment. I am confident our clients will reap the benefits of working with our Lease Administration team”, said Jim Underhill, CEO, Cresa. “Whether clients need a single lease abstract or the integration of a complex global portfolio, CLA will be able to meet a wide range of occupier needs and deliver seamless service across Cresa’s platform. The acquisition aligns with our mission of providing the greatest value to occupiers through a platform truly customized to their needs and brings us closer to our vision of being the preeminent partner for real estate occupiers everywhere.”
Formed in 1999, PSG has 20 years of dedicated lease administration experience. With 20,000 leases currently under management by its 40-person team, they represent more than 350 million square feet of space and bring a portfolio of new clients into Cresa. PSG is based in Chicago, Illinois.