RREEF has announced the selection of CB Richard Ellis Group, Inc. and Transwestern to take over direct property management of the office and industrial property portfolio currently managed by RREEF for its clients.
Prior to the selection of CBRE and Transwestern, the majority of the properties had been managed directly by RREEF, which will continue as the asset manager.
"After over 30 years of direct property management of our clients' portfolios, we have made the decision to transition out of the property management business and assign these services to two carefully-selected, highly -killed property management companies," said Timothy K. Gonzalez, Chief Executive Officer of RREEF Americas.
"We will be working closely with CBRE and Transwestern in our continuing role as asset manager for each of the properties, concentrating on the execution of asset business plans, investment strategies and risk management for our clients' portfolios."
CBRE has been assigned an office and industrial portfolio totalling approximately 70 million ft². The properties are primarily located in northern California, the Pacific Northwest, the Northeast, the Midwest and Southeast.
Transwestern's assigned office and industrial portfolio totals approximately 47 million ft² concentrated in the Midatlantic, southern California, the Southwest and Southeast.
The transition of the portfolios to CBRE and Transwestern is expected to be completed by the end of 2009.