MONY Transfers Real Estate Asset Management to ARES Holdings

The Mutual Life Insurance Company of New York (MONY) has completed the transfer of its real estate asset management department to its wholly owned real estate services company, ARES Holdings, Inc. This move unites MONY's real estate asset management, debt management, and property management functions under one corporate entity, streamlining management of its real estate equity and commercial mortgage investments. The new ARES group of companies will manage over $5 billion in total assets, including office, industrial, retail, residential, and hotel properties and mortgages.

Key Takeaways:

• The transfer of MONY's real estate asset management department to ARES Holdings, Inc. has created a vertically integrated, full-service real estate firm with a presence across multiple regions in the US.
• The new ARES group of companies will manage over $5 billion in total assets, including 30 million square feet of real estate and mortgages.
• ARES will provide property management and asset management services in one bundle, striving for superior customer service and continuous improvement of quality and productivity.
• The firm has more than 400 employees, with 80 coming from MONY Real Estate Investment Management.
• The transfer is expected to result in higher productivity, lower costs, and higher quality services for ARES' customers.
• ARES' headquarters is in Stamford, Connecticut, with regional headquarters in Chicago, Atlanta, Dallas, Denver, and Irvine, Calif.

Statistics:

• $5 billion: The total value of assets managed by the new ARES group of companies.
• 30 million square feet: The amount of real estate asset-managed by ARES.
• 23 million square feet: The amount of property managed by ARES.
• 400: The number of employees at ARES.
• 80: The number of employees transferred from MONY Real Estate Investment Management.

Sources:

• The Mutual Life Insurance Company of New York. (July 1995). MONY Transfers Real Estate Asset Management to ARES Holdings.
• Charles Wasilewski of MONY. (July 5, 1995). MONY Contact.