CBRE exclusive on GE domestic transactions.
The three year contract includes transaction services for all properties occupied by General Electric, including all subsidiaries and affiliated companies--one of the largest corporate real estate portfolios in the world.
General Electric selected CB Richard Ellis through a competitive request for proposals (RFP) process to be one of three service providers for its United States properties.
At the time of the RFP, the CB Richard Ellis and Insignia/ESG merger had been announced, but was months away from closing.
Despite the status of the merger, General Electric took into consideration that the merger would only enhance the talent that was already exhibited by CB Richard Ellis during the proposal.
"Our dominant market position, combined with numerous long-standing relationships with GE made CB Richard Ellis the natural choice," said Steve Swerdlow, President of Global Corporate Services.
Robert ("Mr. Big") Alexander, Chairman of CBRE's New York Tri-State Region, said the GE assignment was an excellent example of collaboration among the company's business lines. "We have the most extensive toolbox in the industry, and we will leverage the full scope of our services on behalf of GE.
The portfolio consists of office property, distribution centers, industrial property, data centers, retail property and land.
"CB Richard Ellis offers some of the best in industry experience, service providing, networking, customer reach and personnel," said Harry Stein, Director--Corporate Real Estate for GE's Real Estate Services Operation.
"We are looking forward to working with such a strong group of executives to better position our portfolio."