The properties are part of a 70-million-square-foot US commercial property portfolio that Rreef recently assigned to CBRE. According to CBRE, the engagement is one of the largest third-party property management assignments in the US commercial real estate industry. Rreef, who had previously provided in-house property management services, will remain the asset manager for the portfolio.
"Our prior performance for Rreef laid the foundation for this significant expansion of our relationship and we look forward to providing their portfolio with the high level of service they have provided their tenants," says Tony Long, CBRE's president of asset services.
"We are committed to continuing Rreef's goal to realize optimal value from its assets, which include some of the best properties in New Jersey," CBRE's David Gialanella, executive vice president of transaction services, said in a statement.
The new assignment represents a significant expansion of CBRE's relationship with Rreef; the firm previously oversaw around five million square feet for the property manager. Steve Bassett, senior managing director of CBRE strategic accounts, will lead the national team servicing the account, while the Rreef account team in New Jersey will be led by CBRE managing director Neil Kurtz.
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