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FDIC picks CBRE as primary adviser for owned real estate.

Los Angeles--based CB Richard Ellis Group Inc. (CBRE) announced in late November its selection as a primary adviser to the Federal Deposit Insurance Corporation (FDIC) for portfolios of owned real estate (ORE) nationwide.

The CBRE-led team will be responsible for the management and marketing of residential and commercial ORE throughout all 50 states, Puerto Rico and the U.S. Virgin Islands, according to William Concannon, vice chairman of Los Angeles--based CBRE Global Corporate Services.

"CBRE is honored to have been awarded this important assignment and to have the opportunity to serve both the FDIC and the nation." said Concannon. "We are dedicated to delivering the highest level of service to the FDIC by bringing to bear the full spectrum of CBRE's platform and expertise."

The portfolios will be comprised of assets that are held by the FDIC in its capacity as receiver for failed financial institutions. CBRE's work will include the management, leasing and disposition of real estate assets, added Concannon.
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Title Annotation:Commercial; CB Richard Ellis Inc.; Federal Deposit Insurance Corp.
Comment:FDIC picks CBRE as primary adviser for owned real estate.(Commercial)(CB Richard Ellis Inc.)(Federal Deposit Insurance Corp.)
Publication:Mortgage Banking
Article Type:Brief article
Geographic Code:1USA
Date:Jan 1, 2009
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