(Contributors: Glen Thompson, John Salustri and Diana Rodriguez of GlobeSt.com; Cynthia Hoffman and Maria Wood of Real Estate Forum; and Stacey Corso of Real Estate New York).
NEW YORK CITY-Trammell Crow Co.'s New York office has landed the job of handling transaction management, lease administration and database management services for 229 McGraw-Hill Cos. locations across the US. The assignment covers eight million sf of owned and leased office and industrial assets and, Trammel Crow officials say, signals an era of unprecedented collaboration between owners and managers.
Trammell Crow principal Greg Green, and vice presidents Chris Helgesen and Carter Johnston will service the account. "We won the assignment in fourth quarter of '02," Green tells GlobeSt.com. "We've been transitioning in all along, but we just finalized all the negotiations."
According to Trammell Crow East Region president John Maher, McGraw-Hill's decision to integrate several key property-management functions represents a growing trend in corporate America. Large firms, he tells GlobeSt.com, are moving away from a single-transaction mentality and embracing long-term combination strategies. "It goes beyond consolidation," Maher says. "We view it as an evolutionary step that a lot of our customers are making. We like to focus in detail on how our clients perform processes and a lot more clients are looking to integrate services."
In practice, that means leaving behind traditional owner-manager relationships in favor of a closer, more team-oriented approach, Maher says. "We're fully integrated with the McGraw team at this point," he states. "It's intended to be a collaboration more than it is to hire a vendor to do something they used to do themselves. The combination of both of us working together allows us to do things that we would not have or could not have done on our own."
While Trammell Crow officials decline to discuss McGraw-Hill's previous management of its vast real estate portfolio, they say that some duties were being handled by McGraw-Hill in house while others had been outsourced to unnamed firms. McGraw-Hill officials were unavailable for comment by press time.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
