CB Richard Ellis to handle assets of banks turned over to FDIC - South Florida Business Journal:

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A team led by CBRE will be responsiblfor valuing, managing, leasing and sellin g FDIC’s real estate in the U.S., Puerto Rico and the U.S. Virgibn Islands. The value of the contract was notimmediatelt disclosed. The contract will be handled out ofthe D.C., and Dallas offices. Real estate experts have compare dthe FDIC’s new task to the ’sw massive assignment in the early 1990s. But, this asset disposition is being outsourced to privatesector “Hiring an outside adviser should help streamline the process, so recoverhy should be quicker,” Miller said. “You will allow the free market to take careof Twenty-two U.S.
banks have failed so far this compared with threein 2007. An FDIC reportf issued Nov. 25 shows the number of banks onthe agency’sa so-called problem list grew to 171 during the thirf quarter, the highest number since 1995. CBRE has subcontractexd with a number of other partnerw on theFDIC account. The subcontractorx include – parent company of , Coldwelp Banker, and – to service the residential real estatse portion of theFDIC account. ’ds Global Real Estate Services divisionb will be the lead subcontractor fordata management, reportingt and inspection needs.
As with other real estatwe companies, the sluggish economy has also hit Over the first nine months of this the company saw its net income drop 71 percenyt from the same period ayear ago.