GPX Realty Partners, the Philadelphia-based real estate arm of tech investors Thomas Gravina's and Michael Peterson's GPX Enterprises LP, has combined its million-square-foot owned-and-managed real estate business with lawyer-turned-investor Michael Forman's $100 million-asset commercial real estate investment portfolio.
Forman's ex-real estate chief, Gary Brandeis, will be president of the new company, iBuilding Realty Partners.

iBuilding will apply "intelligent business technologies" to reducing utility costs and speeding tenant communications and improving other building operations, Gravina, cofounder of ATX Communications and boss of Evolve IP, said in a statement.

"We are actively pursuing targeted acquisitions in the marketplace now," to invest in tech upgrades, added Brandeis. 

The deal will leave Forman to concentrate on his high-yield funds business, Franklin Square Cap
ital Partners. "We 
merged the businesses together. I'm still involved at the board level," Forman told me. "Gary will run day-to-day and Tom G will be fairly active. I'm focused on Franklin Square and this let's me keep my hands in the business with folks I really respect."

iBuilding will join GPX office properties - the 370k ft2 Evolve IP office complex north of Wayne (formerly The Woods), 180k ft2 Plymouth Woods in Plymouth Meeting, and 183k ft2 University Office Plaza in Newark, Del. -and GPX's Fairmount Terrace (Center City), Lansdale Village and Village Square (Harleysville) apartments, with FB properties including the Crowne Plaza hotel on City Line Ave., the Staybridge hotel in Glen Mills, the Turks Head building in Providence, R.I.
GPX sold a string of apartment complexes last year, freeing cash for more office deals. 

Besides cloud-based data-center operator Evolve IP, GPX Enterprises is also a financial backer of Forman's Franklin Square high-yield funds, Villanova-based Nova Bank, ProGraphix, Bankersedge, Ira Lubert's Patriot Partners bank-investment fund, Seagrave Fire Apparatus, and Wausau Everest, a fire and snow equipment maker, among other businesses.