Equitable forms new subsidiary, opens branch office in Honolulu - Equitable Real estate Investment Management Inc., Honolulu, Hawaii

Real Estate Weekly, June 3, 1992

Equitable Real Estate Investment Management, Inc. announced it has formed a new subsidiary for mortgage loan servicing and management, and security services. The company also plans to open its 14th regional office in Honolulu this summer, and will be expanding its technology and information servicing areas to handle increased reporting responsibilities to new and existing clients. About 100 new staff positions will be filled to meet this corporate growth, the company said.

The new EQ Services, Inc. subsidiary will service a $14 billion loan portfolio, comprising 18,000 commercial and residential loans in 49 states, the District of Columbia, Canada and Puerto Rico. This includes over $3 billion in loans serviced for the Resolution Trust Corporation and other loans owned by more than 40 institutional investors. Douglas C. Turnbull, a 28-year Equitable veteran, will head the subsidiary as *Opening a Honolulu office to oversee the company's $1.6 billion portfolio in president and chief executive officer. The new company intends to build on its existing portfolios, offering its services to banks, thrifts and other government agencies with large portfolios of real estate and mortgages.

In addition, EQ Services, Inc. will have a security and investigations division to consult on real real estate-related and corporate security matters. Frank Storey, who recently retired as deputy assistant director of the Federal Bureau of Investigation after a 30-year career with the agency, heads this EQ Services unit as vice president. The security division will further strengthen Equitable Real Estate's internal security and audit program, and underscores its commitment to tenants and shoppers for providing safer environments in all company properties.

Other Equitable Real Estate initiatives include: Hawaii, including the expanding Ala Moana Shopping Center, one of the nation's most successful regional malls, and three downtown office buildings. James Piane, and Equitable Real Estate vice president-asset management, currently based in San Francisco, will head the new office as a senior vice president. The new office will open in July. *Continuing to expand the operations of the COMPASS Management and Leasing and COMPASS Retail subsidiaries, which together manage about 57 million square feed of office, industrial and retail space nationwide. Later this year, COMPASS Retail will take over management of three major regional shopping centers in South Florida, including the region's dominant mall, Dadeland. The COMPASS subsidiaries, have nearly doubled their portfolios of properties under management both for Equitable Real Estate and other owners since 1990.