Chambers Street Taps Cassidy Turley to Manage 1 MSF Office Portfolio
- Mar 22, 2013
Cassidy Turley will be managing nearly 1 million square feet of office properties owned by Chambers Street Properties in Dallas, Houston, Columbus, Ohio, and Raleigh, N.C.
The seven properties are part of the 17-property portfolio that the REIT acquired last week from a joint venture with Duke Realty Corp. for a reported $98.6 million. The price paid was Duke’s 20 percent of the portfolio estimated at $493 million.
“We are excited to be selected by Chambers Street for this assignment,” Marla Maloney, executive managing director and principal with Cassidy Turley, said in a news release. “Our extensive knowledge of these local markets and ability to quickly complete this transition will help create value and ensure the performance of these assets.”
Three of the properties are in the Raleigh market: 1400 Perimeter Park Drive, 44,916 square feet; 3900 N. Paramount Parkway, 100,987 square feet; and 3900 S. Paramount Parkway, 119,170 square feet.
Two properties are in the Columbus area: Atrium I at 5525 Parkcenter Circle with 315,102 square feet and Easton III at 3344 Morse Crossing with 135,485 square feet.
The remaining office assets are 22535 Colonial Parkway in the Houston market with 89,750 square feet and Point West I at 1525 S. Beltline, 182,700 square feet, in Dallas.
Cassidy Turley teams in the individual markets will provide the property management services, according to a company spokesperson.
Duke Realty has been shedding many of its office holdings as it focuses more on industrial assets. Besides the seven properties that Cassidy Turley will manage, Chambers Street bought the remaining interests in The Landings I and II and McAuley Place in Cincinnati; Miramar I and II in Fort Lauderdale, Fla.; Norman Point I and II in Minneapolis; and Celebration Office Center and Northpointe II in Orlando, Fla. The Maryland-based REIT also acquired one industrial asset in the deal – Goodyear Crossing Industrial Park II, a warehouse and distribution facility in Phoenix.
No other information has been released yet on what commercial real estate firm or firms would manage those properties.
In January, Cassidy Turley scored another large property management deal. It was selected by Westcore Properties to manage approximately 11.1 million square feet of industrial, office and retail space in Northern California and industrial space in Indianapolis and St. Louis. The 126-building portfolio had been acquired in 2012 and included 8 million square feet of assets in Sacramento, Calif., 1.9 million square feet in St. Louis and 1 million square feet in Indianapolis, according to a Cassidy Turley press release.
Cassidy Turley manages 455 million square feet for institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. A global commercial real estate services provider, the firm also completed $22 billion worth of transactions in 2012.