Transwestern’s Management Portfolio Increases by 1.6 MSF with Sumitomo Deal
- Jul 26, 2011
July 26, 2011
By Barbra Murray, Contributing Editor
In one fell swoop, Transwestern has increased its property-management responsibilities by approximately 1.6 million square feet now that it has been chosen by Sumitomo Corporation of America’s to act as the exclusive property manager for the integrated business enterprise’s national office portfolio.
Transwestern takes the reins from Ryan Companies US, Inc., which had served as manager for the group of four Sumitomo properties since early 2009.
The assets includes the 12-story, 160,000 square-foot office tower at 1750 K St. in Washington, D.C.; the 12-story, 340,000 square-foot Hayden Ferry Lakeside II in Tempe, Ariz.; and 123 Mission St., a 343,000 square-foot office tower with 29 floors in San Francisco. One property, Miami Center along the Biscayne Bay in Miami, accounts for nearly half of the portfolio, with just over 782,200 square feet.
“Our team will collectively and actively explore additional business opportunities nationally to expand this portfolio and the SCOA relationship,” Bruce Ford, president of Transwestern’s Southeast region, said.
Relationships do count. For the last two years, Transwestern has acted as exclusive leasing advisor for the 34-story Miami Center, which Sumitomo acquired in 2008 for $260 million.
The announcement of the Sumitomo deal comes about six weeks after Transwestern won the contract to manage Cabot Industrial Properties’ nearly 4-million-square-foot industrial portfolio in Florida. With the latest news, the firm’s leasing and management activities now span 685 commercial properties totaling 260 million square feet across the country.