RREEF Taps CB Richard Ellis to Manage Properties in New Jersey
By Mel Fabrikant Tuesday, December 22, 2009, 05:36 PM EST
CB Richard Ellis (CBRE) today announced that CBRE has taken over as direct manager for 18 of RREEF’s industrial and office properties in New Jersey including Country Club Plaza I and II (Paramus) and 1776 on the Green (Morristown). The properties are part of a 70 million sq. ft. U.S. commercial property portfolio that RREEF recently assigned to CBRE as the direct property manager. The engagement is one of the largest third-party property management assignments in the U.S. commercial real estate industry. RREEF, who had previously provided in house property management services, manages the properties on behalf of its clients and will remain the asset manager for the portfolio.
“Our prior performance for RREEF laid the foundation for this significant expansion of our relationship and we look forward to providing their portfolio with the high level of service they have provided their tenants,” said Tony Long, CB Richard Ellis’ president of Asset Services.
“RREEF has been a longtime valued client and this major assignment is a vote of confidence in our people and platform. We are committed to continuing RREEF’s goal to realize optimal value from its assets, which include some of the best properties in New Jersey,” said CBRE’s David Gialanella, Executive Vice President, Transaction Services.
The new assignment represents a significant expansion of CBRE relationship with RREEF. Previously, the Company managed approximately 5 million sq ft for this client. Steve Bassett, senior managing director of CBRE Strategic Accounts, will lead the national team servicing the account. The RREEF account team in New Jersey is led by Neil Kurtz, Managing Director, CB Richard Ellis.
CBRE manages commercial properties and corporate facilities totaling more than 2.2 billion sq. ft. (includes properties managed by affiliate companies).
“Our prior performance for RREEF laid the foundation for this significant expansion of our relationship and we look forward to providing their portfolio with the high level of service they have provided their tenants,” said Tony Long, CB Richard Ellis’ president of Asset Services.
“RREEF has been a longtime valued client and this major assignment is a vote of confidence in our people and platform. We are committed to continuing RREEF’s goal to realize optimal value from its assets, which include some of the best properties in New Jersey,” said CBRE’s David Gialanella, Executive Vice President, Transaction Services.
The new assignment represents a significant expansion of CBRE relationship with RREEF. Previously, the Company managed approximately 5 million sq ft for this client. Steve Bassett, senior managing director of CBRE Strategic Accounts, will lead the national team servicing the account. The RREEF account team in New Jersey is led by Neil Kurtz, Managing Director, CB Richard Ellis.
CBRE manages commercial properties and corporate facilities totaling more than 2.2 billion sq. ft. (includes properties managed by affiliate companies).
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