Cassidy Turley Lands 195 MSF Corporate Services Contract with Georgia
- Apr 23, 2013
Cassidy Turley’s activities in the state of Georgia just mushroomed by 195 million square feet. The commercial real estate services firm has been tapped by the Georgia State Properties Commission to provide a wide range of corporate services to achieve efficiency and cost savings for its sprawling portfolio of leased and owned real estate properties.
It’s no small undertaking. Cassidy Turley’s long list of responsibilities for the portfolio, which consists predominantly of office space, will include transaction management, project management, lease administration and portfolio consulting. With well-honed expertise, vast organizational capacity and solid transaction resources, the firm brings the necessary tools to the table. And, perhaps most important of all, Cassidy Turley has its finger on the pulse.
“Though the economy is steadily improving, metro Atlanta remains a tenants’ market, so it’s a great opportunity and time for the State to analyze and optimize its portfolio and uncover savings through market-rate transactions, consolidations and other methods that, ultimately, will save taxpayers money,” Christopher White, a senior managing director and principal with Cassidy Turley, told Commercial Property Executive.
Cassidy Turley is no stranger to such gargantuan endeavors but for the State, the establishment of a real estate partnership of this kind is new territory. However, it’s what the people want. With an eye toward saving taxpayer dollars, voters green-lighted Amendment 2 in November 2012, giving the Peach State the freedom to enter into multi-year lease agreements and take a strategic approach to managing its real estate portfolio; an approach that the SPC estimates will result in a savings of approximately $3.5 million in the first year and an aggregate $66 million over the next decade. The selection of Cassidy Turley is the first major step toward fulfilling the goal.
SPC held a competition for the job, and Cassidy Turley emerged victorious as the best team to, as SPC deputy executive director Frank Smith said in a prepared statement, “help the state of Georgia reap the same savings opportunities traditionally enjoyed by private sector tenants.”
Cassidy Turley has a simple–but tried-and-true–plan for tackling the newly awarded assignment. “[We will] analyze the portfolio and look for opportunities to reduce occupancy costs,” White said. Options abound, from the disposition of properties to occupancy consolidation to the employment of new methods for a more efficient use of workspace. Cassidy Turley is off and running.