Two real estate consultancies, Midtown West-based K. Backus & Associates and Philadelphia-based U3 Ventures, are combining to form U3 Advisors, the companies said. K. Backus & Associates, led by Karen Backus, is serving as a consultant on Cornell University and Technion-Israel Institute of Technology’s 2 million-square-foot campus planned for Roosevelt Island, as The Real Deal reported.
The firm’s other clients include Columbia University and the Brooklyn Public Library.
“Anchor institutions hold the key to sustainable community and economic development in many cities across the country,” U3 Ventures founder and CEO Omar Blaik said in a release. “We learned this in U3 Ventures’ revitalization plan for Midtown Detroit and know we can replicate our success in other cities.”
The firms will continue to work with universities, nonprofits and hospitals to address problems and opportunities as they relate to real estate. The merger will become official Jan. 1, the release said. — Mark Maurer