CBRE to Manage Nearly 43 Million Sq. Ft. in 31 Markets
Los Angeles, 2014-6-24 — /EPR Retail News/ — CBRE Group, Inc. (NYSE:CBG) today announced its appointment to provide property management services for CommonWealth REIT’s (NYSE: CWH) 42.9 million-sq.-ft. property portfolio, excluding properties classified as discontinued operations.
CBRE’s appointment is targeted to take effect on or around October 1, 2014, subject to CommonWealth REIT’s right to extend the date. At that time, CBRE will provide property management and other related services for 156 CommonWealth REIT-owned properties across 31 markets, excluding properties classified as discontinued operations.
“We are very pleased to engage CBRE as our property management services provider,” said David Weinberg, Chief Operating Officer, CommonWealth REIT. “CBRE’s technical expertise and on-the-ground resources combined with our team’s real estate management expertise will enhance service delivery for tenants at our properties and maximize building operating performance across our portfolio. We believe this relationship aligns the interests of all stakeholders.”
“This prestigious assignment reflects the strength of our service offering, most notably our ability to deliver value across a broad, geographically diverse property portfolio,” said Ed Schreyer, President, Agency Brokerage and Asset Services, the Americas, CBRE. “We look forward to working with CommonWealth REIT on these assets.”
John Greenwood will serve as CBRE’s Strategic Accounts relationship manager, coordinating the delivery of services for CommonWealth REIT.
About CommonWealth REIT
CommonWealth REIT (NYSE: CWH) is an internally managed and self-advised real estate investment trust, which primarily owns office buildings located in central business districts and suburban locations across the country, with executive offices in Chicago, Ill.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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