CBRE’s Major Management Deal
Tom Acitelli Dec. 21, 2009, 12:19 p.m.
CB Richard Ellis has taken over management of 13 industrial and office properties, totaling 5.5 million square feet in the tristate area, including 830 Third Avenue. The properties are part of a portfolio totaling 70 million square feet that RREEF, a Deutsche Bank investments firm, assigned to CBRE.
The assignment is one of the largest third-party management assignments in U.S. commercial real estate history. CBRE’s Steve Bassett, senior managing director, will head the national team, and Paul Allegretti, senior managing director, will head the account team in New York.