Oracle Hands Disposition Assignment to TCC

REDWOOD CITY, CA-Locally headquartered Oracle has hired Trammell Crow Co. to dispose of a majority of PeopleSoft’s surplus owned and leased locations nationwide. Oracle acquired PeopleSoft about six months ago, and with it came about 1.37 million sf of owned and leased real estate.TCC’s Bay Area managing director Sven Pole tells GlobeSt.com the assignment covers 21 properties containing 459,000 sf of leasehold space and 446,000 sf of owned space. Oracle will hold on to about 500,000 sf of PeopleSoft space, he says. One of TCC’s larger assignments will be the disposition of a portion of the PeopleSoft/JD Edwards campus in Denver. Chris Phenicie and David Hart, in TCC’s Denver office are handling that assignment. Sean Toomey, Robert Badagliacco and Don Polishuk of TCC’s San Jose office will manage dispositions in the Bay Area, some of which are known and some of which are still being determined.Phenicie tells GlobeSt.com the Denver disposition includes two of four buildings on the campus and 12 acres of developable land. Oracle is holding onto the other two buildings. The two buildings to be sold are each about 180,000 sf. Phenicie says the plan is to lease them up before bringing them to market later this summer. Pole says the assignment is the result of the ongoing relationship it has had with PeopleSoft over the past eight years. TCC handled PeopleSoft’s facilities management and some other work up through its acquisition by Oracle. Instead of retaining them for Oracle’s facilities management work, which already was in the hands of another provider, Oracle offered up the disposition assignment. “After carve-outs for previous relationships, we’re handling about 80% of the surplus disposition work for Oracle under a two-year contract,” he says. “But we hope to be done with our assignment long before the term is up.”All told, TCC says Oracle is unloading 2 million sf of its 14.5 million sf of real estate around the world. An Oracle spokesperson was not available Wednesday for confirmation and further comment.