Spectrum acquisition completed

Real Estate Weekly, May 21, 2003

Mitchell C. Hochberg, founder of Spectrum, announced that he has completed the acquisition of the company from parent company, Skanska AB.

The new company, which is called Spectrum Communities, will continue to focus on the development of luxury residential communities in the region. Hochberg will serve as president and chief executive officer of Spectrum Communities.

The announcement is a homecoming of sorts for Hochberg who founded Spectrum Group in 1985. In 1996, Spectrum Group was acquired by Skanska AB and became Spectrum Skanska. Last year, Skanska AB announced a strategic restructuring of its core businesses that included the sale of its residential development business in the U.S.

"We are very pleased to announce that our new name will be Spectrum Communities.

Although our name has changed, we remain committed to our ongoing goal of developing the highest quality luxury residential neighborhoods in the Northeast," said Hochberg.