Trammell Crow Lands 3M-SF Management Contract

SAN FRANCISCO-Trammell Crow Company has more than doubled the size of its property management portfolio in Northern California with a three-million-sf assignment from McMorgan & Co. LLC, an investment management firm specializing in Taft-Hartley pension and benefit plans and an affiliate of New York Life Investment Management.The largest property of the portfolio is the 1.8-million-sf, 25-tenant Firestone Business Park in Salinas, for which Cushman & Wakefield already holds the leasing assignment. The remaining square footage is distributed throughout the counties of Alameda, Contra Costa, Marin, Monterey, Sacramento, San Francisco, San Mateo, Santa Clara and Stanislaus.Sven Pole, the managing director for TCC in Northern California, tells GlobeSt.com the assignment takes the company’s institutional management portfolio in the region to 5.3 million sf. Pole says the assignment is “an important one,” as it helps build up the portfolio following a culling of unprofitable assignments in 2003 that shrank the company’s institutional management portfolio from eight million sf to about 2.3 million sf. Transwestern previously held the property management assignment. Pole says he brought some staff over from Transwestern to assist in the smooth transition and any excess work will be spread over existing staff. “In general, we are growing our property management group,” says Pole. “We are currently looking for a senior vice president to run the overall property management group and help accelerate growth.”The TCC employees who helped win the assignment were Jay Sholl, Carol Miles and Ernie Hughes. Competition for the assignment included Cushman & Wakefield and Lincoln Property Co.