Press Release
May 1, 2001
NEW YORK, NY -- The Real Estate Advisory Services Group of Ernst & Young, LLP, announced yesterday that Mark
A. Smith has been named to head its global corporate real estate advisory services practice.
The appointment is part of a major realignment of the firm's real estate advisory services arm to respond more
nimbly to the rapidly changing needs and concerns of global corporations.
``In recent months we've taken a good look at the new challenges facing Ernst & Young's clients -- issues such
as aligning their corporately-owned real estate with the balance sheet, prioritizing current and future office
lease obligations, and multi-national expansion issues -- and decided that we needed to better position our advisory
services to be more responsive to market changes,'' said Clint McDonnough, Managing Partner of the Real Estate
Advisory Services group. ``Mark has been a go-to guy globally for a number of years now, most recently with strategic
planning, construction and project management issues for corporate facilities in the US and Europe. He is the one
best suited to lead us in this direction.''
``Real estate is one of the largest corporate costs, not only in this country but all over the world,'' says Smith,
a 13-year veteran with Ernst & Young. ``The need for impartial, highly analytical and strategic assistance
in relocating or repositioning the corporation to do business in all parts of the world is becoming acute,'' said
Smith. In addition to strengthening the firm's global array of real estate advisory services, Smith says that one
of his key goals will be to reinforce the firm's unique position as a trusted advisor, a resource that works directly
with clients from within the C-suite.
Smith, a partner with Ernst & Young since 1994, holds a Ph.D. in Civil Engineering from the University of Texas.
In recent years he has headed the Real Estate Advisory Services group's West Coast practice and served as National
Director of Construction Advisory Services for the firm, working with clients like Intel, Sun Microsystems, Bank
of America, and Cisco.
Ernst & Young Real Estate practice offers traditional audit and tax services, as well as customized real estate
services to a wide range of real estate owners, users and investors, including many major REITs, private developers
and Fortune 500 corporations. In the connected economy, Ernst & Young Real Estate practice assists companies
in analyzing technology opportunities, Web-enabling business processes, Online security, and dot-coms with designing
strategies that generate value in the industry. Learn more about Ernst & Young Real Estate practice at www.ey.com/us/realestate.
Ernst & Young, a global leader in professional services, helps clients to quickly and confidently make financial
decisions designed to enhance value. Its 77,000 people in more than 130 countries have the industry and financial
experience to provide fresh perspectives on operating successfully in the new economy. Ernst & Young offers
traditional audit and tax services, as well as customized services in corporate finance, online security, risk
management, the valuation of intangibles and e-business acceleration. In addition, legal services are available
in various parts of the world where permitted. A collection of Ernst & Young's latest ideas on the new economy
can be found at www.ey.com/thoughtcenter.
Ernst & Young refers to the U.S. firm of Ernst & Young, LLP and other members of the global Ernst &
Young organization.
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Contact:
Gallen.Neilly & Associates
Tim Gallen, 925/930-9848