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P.M. BRIEFING : Mellon to Acquire Real Estate Firm

September 05, 1989|From Times Wire Services

PITTSBURGH — Mellon Bank of Pittsburgh has signed a letter of intent to acquire McMahan Real Estate Advisors Inc., Mellon announced today.

The deal calls for McMahan to be merged with Mellon Real Estate Investment Management Corp., to create a new subsidiary based in San Francisco and be named Mellon-McMahan Real Estate Advisors Inc., a Mellon spokesman said.

The purchase price was not announced. The acquisition must be approved by the Office of the Comptroller of the Currency. Mellon-McMahan will offer real estate investment management services to corporate and public pension funds, as well as other investors both in the United States and overseas, officials said.

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