THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, April 15, 1995 TAG: 9504150391
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY LON WAGNER AND MYLENE MANGALINDAN, STAFF WRITERS
LENGTH: Short : 49 lines
Familiarity did not breed contempt in the case of commercial real estate firms Robinson & Wetmore Inc. and Sigma Commercial Realty Inc. It spawned a merger.
Norfolk-based Robinson & Wetmore and Richmond-based Sigma will start stamping their new name on signs this weekend. The two firms officially merge Monday as Robinson Sigma Commercial Real Estate Inc. Robinson Sigma will have its headquarters in Norfolk.
The two companies began talking about merging in 1993, Sigma President William W. Reynolds said, after they discovered each others' strengths by going ``into battle against each other.''
``Out of that competitive relationship came a strong friendship, so really over the past four or five years we didn't look at each other as enemies, at least personally,'' Reynolds said.
``The more we talked we decided there were a lot of pros and very few cons.''
The combined companies will have 105 employees: 50 in Richmond, 35 in Norfolk and 20 in Hampton. Combined, the two companies will manage 7 million square feet of commercial real estate, which translates into a $400 million portfolio.
Robinson & Wetmore acquired Read Commercial in February, boosting its presence on the Peninsula. Anthony W. Smith, senior vice president of Robinson & Wetmore, said he knew when they bought Read that it would soon be followed by a merger with Sigma.
Bringing Sigma into the fold gives Robinson & Wetmore a retail base that it didn't previously have. Robinson & Wetmore gives Sigma a base in Hampton Roads. The companies now think they are large and diverse enough to go after business up and down the East Coast.
From a structural standpoint, Robinson Sigma won't have one person who claims the title of president. The nine principle owners of the company will run operations.
``We've just found that the hierarchy gets in the way,'' Reynolds said. ``This way, the principles just roll up their sleeves and get working.'' ILLUSTRATION: Color photo by Christopher Reddick, Staff
William W. Reynolds...and Anthony W. Smith...
by CNB