CBRE Inc. has been selected by CommonWealth REIT to oversee
the property management of the real estate company’s entire U.S. portfolio.
That means that CBRE will handle CommonWealth’s Philadelphia
properties including Mellon Bank Center, a 1.28-million-square-foot tower, and
Centre Square, a two-building, 1.8-million-square-foot office structure in
Center City. CommonWealth owns a few other buildings in Philadelphia and its
suburbs.
CommonWealth’s portfolio spans 156 properties in 31 markets.
CBRE will also provide property accounting, project management and building
engineering services.
In a memo issued yesterday to employees, a CBRE executive
said that it will take on the job beginning Oct. 1 and called it “one of the
largest-ever outsourcing assignments for a U.S.-based, publicly traded REIT.”
CommonWealth has gone through some major changes. In March,
shareholders ousted its top executives and in May elected a new board headed up
by Sam Zell, a real estate mogul from Chicago. It subsequently relocated the
company’s executive offices to Chicago from Boston.
Source: Philadelphia
Business Journal
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