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The past few months have been good for the CB Richard Ellis Group.
First, Chain Store Age, a retail-industry publication, named the firm the world's fastest-growing retail property manager. Then, less than a month later, the state of Michigan named CBRE its exclusive commercial real estate provider.
The state contract emerged from a competitive bid CBRE won, and winning means the firm will handle all leasing services, including administration, tracking and auditing, and will assist Lansing with its real estate marketing. CBRE will also acquire and sell properties for the state. The state owns and leases more than 14 million square feet of properties. The agreement is for three years.
"It's a significant win across a collaboration between our three Michigan -offices, and we will be their selected and dedicated service provider," said Drew Miller, managing director of CBRE/Grand Rapids. "It's kind of a broad brush, but it's a great long-term assignment."
In addition to the local office, CBRE has offices in Lansing and Detroit. The company's account management team for the state contract is based in the Capital City and led by Van Martin, Eric Rosekrans and Tricia Foster. Miller will head the Grand Rapids team, while Michael Gerard and John Latessa Jr. will do the same in Detroit.
With tax revenue way down and the state facing major deficits for the general operating budget, CQ asked Miller if he felt that Gov. Jennifer Granholm and lawmakers are looking to sell some holdings in order to raise much needed cash.
"It's too early to comment on that," he answered. "We will be working with them on a strategic plan as we go forward that will have a five-year window. So we may have better insight as...