Tuesday, December 15, 2009

Transwestern wins huge real estate contract from RREEF

It will manage almost 9 million square feet of industrial, office space

The Dallas office of real estate firm Transwestern has landed one of the largest property management deals on record.

Institutional investor RREEF has hired Transwestern to operate almost 9 million square feet of industrial and office space in North Texas and Oklahoma.

The agreement includes high-profile projects such as the 5950 Sherry Lane office tower in North Dallas and the 4040 North Central tower near Cityplace.
"It's the largest such contract award I know of," said Jack Eimer, Transwestern's central region president.
RREEF – a New York-based investor that is one of the country's biggest commercial real estate owners – previously managed the buildings itself.

But several months ago, RREEF decided to hire outside companies to take over management of all its U.S. properties.
In October, RREEF selected Dallas retail brokerage firm United Commercial Realty to manage its shopping centers in North Texas and some other markets.
The new deal with Transwestern includes more than four times that much real estate
"We started off the year with about 21 million square feet of properties under management," Eimer said. "This will bring us to almost 38 million square feet.

"During these difficult times, owners are putting more emphasis on operations."
By STEVE BROWN / The Dallas Morning News