C&C chief executive Chuck Seufferlein says the partnership fills out the suite of services provided by C&C's Asset Advisors Group to a growing number of institutional clients, including banks. With RiverRock, C&C's Asset Advisors Group, which assists clients, lenders and special servicers with troubled assets, will now be able to provide clients with a more holistic solution, he says.

"Especially when addressing distressed assets, these clients prefer a single company who can support the full cycle of a property transaction: property management, marketing and repositioning, leasing, through the eventual execution of a sale," Seufferlein says. "With the introduction of C&C RiverRock's property management services, C&C is now able to [deliver] these…services through a single point of contact."

Combs, formerly the head of Insignia ESG's property services division, tells GlobeSt.com that the 50-50 JV launches with more than 2 million square feet under management, most of it contributed to the partnership by RiverRock in exchange for C&C contributing to the capitalization of the JV entity and providing marketing and office space. The JV provides property management for a fee (typically between 3% and 5% of gross rental revenue) and the JV partners will split the profits, he says.