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GlobeSt.com EXCLUSIVE: Grubb/Knight Frank to Service 20M-SF UTC Portfolio

NEW YORK CITY-The firm inks a three-year contract to perform audit, strategic planning, lease administration, transaction management, acquisition and disposition services for 1,500 properties throughout Europe, the Middle East, Africa and Russia.

By Glen Thompson | Updated on December 18, 2002

NEW YORK CITY-Farmington, CT-based United Technologies Corp. has tapped Grubb & Ellis/Knight Frank Global Services to handle a laundry list of its real estate needs throughout Europe, the Middle East, Africa and Russia. The exclusive, three-year agreement involves 1,500 locations and includes portfolio audit and strategic planning, lease administration, transaction management, acquisition and disposition.

“In the past we handled our real estate either on a region-by-region or country-by-country basis, as do most other major international businesses making and selling varied products throughout the world,” says UTC president Ron Zappile. “Advances in technology allowed us to consider centralizing the management of our real estate portfolio. The capability platform of services provided by the Grubb & Ellis/Knight Frank alliance has given us the action arm to recommend strategies and to execute our policy decisions.”

Grubb & Ellis has been working closely with United Technologies for several years. Earlier this year, it completed the sale of two South Korean office/industrial properties totaling 449,330 sf. According to Grubb president Barry Barovick, Grubb/Knight Frank approached UTC’s big-picture issues as well as suggesting market-by-market real estate initiatives the firm might take in Austria, Germany, Ireland and Spain.

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