CB Richard Ellis Group, Inc. (CBRE) announced its selection as a primary advisor 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. 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.
"CBRE is honored to have been awarded this important assignment and to have the opportunity to serve both the FDIC and the nation," said William Concannon, Vice Chairman, CBRE Global Corporate Services. "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." CBRE’s Public Institution & Education Solutions team led by Theodore Carter, Executive Managing Director in CBRE’s Washington D.C. office, will oversee ongoing client services. "We are thrilled to add the FDIC to our growing list of public sector clients," stated Mr. Carter of CBRE.