Ernst & Young creates new environmental advisory practice

Real Estate Weekly, Sept 4, 2002

Ernst & Young LLP announced the creation of an environmental advisory services practice within its Real Estate Advisory Services group.

Brian Gilbert, a veteran environmental professional and engineer, was named to head the new practice, which will be based in Chicago. Gilbert formerly helped lead the environmental services efforts at Arthur Andersen. Also joining Gilbert in the new practice are former Andersen colleagues Greg Miller and Mike Williams. Combined, the team has more than 50 years' experience in helping real estate and corporate clients control costs and manage risks associated with environmental issues.

According to Mark Smith, managing partner of Ernst & Young's Real Estate Advisory Services (REAS) practice, creating an environmental advisory practice has been a major goal for the REAS group because of the highly significant role played by environmental matters in all aspects of real estate, from development through management and disposal.

"The addition of Brian and his team provides a timely complement to our existing experience in engineering, environmental science, environmental accounting and tax issues as well as real estate and construction," Smith said. "This will provide clients with an even greater array of resources when seeking to control costs and minimize risks."

"Environmental issues have the potential to create huge cost overruns for a corporation. By providing advisory services attuned to the unique aspects of environmental issues we will help clients manage costs more efficiently, avoid unnecessary cost overruns, reduce risk and better align their environmental and corporate goals," said Gilbert.

Gilbert added that environmental advisory services will help clients manage the interface where technical and financial issues meet, such as enhancing the systems used to project and manage environmental remediation and construction costs including those systems that are used to reflect environmental costs in the company's financial statements.