Hertz Taps CB Richard Ellis as Global RE Services Provider
- Feb 22, 2008
Hertz Corp., the world’s largest general-use rental car company, has chosen existing partner CB Richard Ellis Inc. to provide a greatly expanded slate of real estate services on a global level. In addition to facilities management, CBRE will now handle transaction, construction and project management for nearly 3,000 Hertz locations worldwide, including office space, reservations centers, data centers, equipment rental locations and car rental facilities. John Maher (pictured), CBRE’s executive managing director of global corporate services, declined to provide any dollar figures, but told CPN that the expanded relationship will more than double CBRE’s annual revenues from Hertz. For almost 10 years, Maher told CPN , CBRE has provided “limited facility management” services to Hertz, only in the United States. The expanded partnership will cover almost 3,000 locations instead of hundreds, he said, and range from analyzing and optimizing Hertz’ real estate portfolio to accelerating the cycle time to open new locations. “Hertz has terrific growth in off-airport business,” Maher said, and is expanding aggressively in Australia/New Zealand, Latin America, the Middle East and Asia, particularly China. He explained that Hertz will retain an internal real estate team, which will continue to handle all on-airport locations, as well as strategy and interfacing with Hertz business units. Maher pointed out a similar evolution in CBRE’s services for Bank of America, which started out in the early ’90s with CBRE handling only limited facility management for NationsBank.