Turnberry opts for property management

The company behind the troubled Fontainebleau projects in Las Vegas and Miami Beach is branching out from real estate to asset management. Turnberry Associates, based in Aventura, has launched an asset management division to focus on commercial properties, offering leasing, marketing and operations support for retail centers, office complexes, hotels and resorts. The rise of foreclosures will require the new owners, banks holding properties they may not know how to manage, to get outside help, said Phil Goldfarb, president and chief operating officer of Turnberry Associates. The company is already managing and leasing at Douglas Center, a 12-story Coral Gables office tower.