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2/01/10
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CB Richard Ellis has taken over as direct manager for 135 of RREEF’s industrial and office properties in the Puget Sound region, including One Convention Place in Seattle, WestPark in Redmond and Gateway Corporate Center in Tukwila, WA.
The properties are part of a 70 msf 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, which 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.
The new assignment represents a significant expansion of CBRE relationship with RREEF. Previously, the company managed approximately 5 msf 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 Seattle is led by Steve Penn, Managing Director, CB Richard Ellis.
CBRE manages commercial properties and corporate facilities totaling more than 2.2 bil sf (includes properties managed by affiliate companies).
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