Cassidy Turley Picks Up 14 MSF Outsourcing Assignment from SunTrust Banks

Cassidy Turley's responsibilities have just grown by 14 million square feet in one fell swoop, courtesy of SunTrust Banks Inc.

Cassidy Turley’s responsibilities have just grown by 14 million square feet in one fell swoop, courtesy of SunTrust Banks Inc., which recently tapped the service provider to take charge of the financial institution’s corporate real estate portfolio.

The assignment covers a lot of ground, calling for Cassidy Turley to provide a range of corporate real estate services, including transaction management, project management, lease administration and portfolio planning. The group of SunTrust assets includes a collection of office properties and in excess of 1,600 bank branches spanning the Mid-Atlantic and Southeast.

SunTrust’s decision to outsource services for its property portfolio came after a strategic evaluation of its corporate real estate operations. Cassidy Turley jumped into the driver’s seat on July 1.

The SunTrust contract is one of several Cassidy Turley has won in the past few months. In June, Japanese conglomerate ITOCHU Corp. selected the firm to provide management services for the company’ portfolio of 136 office and industrial locations across North America. The previous year was no less active for Cassidy Turley, which ranked fourth among the country’s 21 leading commercial real estate service firms in the service providers/lenders category of the CPE-MHN 2011 Best Practices Index.

Indeed, companies in any number of industries are looking outside their doors for oversight of their real estate operations. It appears a trend is afoot. “Outsourcing strategies are here to stay,” Jason Smith, a vice president with NAI Global Corporate Solutions, noted in a recent report. “The cost and strategic benefits of focusing on what a company does best and outsourcing non-core functions are too great to ignore.”