CITY OF FORT LAUDERDALE HIRES CBRE
AS REAL ESTATE ADVISOR

Over 700 parcels in the City’s portfolio

Fort Lauderdale, FL – August 4, 2014 – CBRE is officially the City of Fort Lauderdale’s new real estate advisor. On June 23, 2014, following a competitive procurement process, the City Commission approved a contract to hire CBRE as the City’s real estate services and transaction provider for one year with three possible one-year extensions commencing July 2014. The firm’s mandate is to reduce the City’s operating real estate expenses, align real estate operations with the services provided to citizens, monetize underutilized real estate assets and dispose of surplus assets.  CBRE will advise the City regarding both strategy and highest and best use of several hundred parcels of land as well as represent the City on a transactional basis. 

CBRE’s public sector experts, Michael McShea and Lee Ann Korst, will lead effort the effort in collaboration with CBRE South Florida’s Managing Director Ken Krasnow, and local commercial real estate brokers Scott Allen and Ryan Nunes. 

“The Mayor and City Commission have recognized that it has an opportunity to optimize its real estate holdings, and they are taking a proactive approach to ensure the City’s key assets are operating in the most efficient, economical manner,” said Mr. McShea. “This will ultimately save taxpayers money and ensure the delivery of quality services to its citizens and other stakeholders.”

“Fort Lauderdale is in the midst of a renaissance, with population and job growth driving residents and offices back to the downtown for the live-work-play environment,” added Ken Krasnow, CBRE South Florida Managing Director. “With infrastructure improvements under way, such as the All Aboard Florida commuter rail line connecting  Fort Lauderdale with the entire region, this is an opportune time for the City to assess and evaluate its long-term real estate strategy and implement plans that will positively impact its residents and businesses for generations to come.” 

CBRE’s Public Institutions and Education Solutions (PIES) Group provides real estate services to federal, state, county, city and educational institutions around the country, including The State of Florida, City of Pensacola, City of Indianapolis, George Washington University, Catholic University and The College of William and Mary. The CBRE platform offers both public sector expertise as well as local/regional market presence.

About CBRE Group, Inc. 

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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