CB Richard Ellis Realty Trust, a $2.4 billion REIT with 78 office, industrial and retail properties in 16 states totaling 14.4 million square feet, has moved out on its own by not fully renewing its management agreement with CBRE Advisors.
As part of the change, the trust has changed its name to Chambers Street Properties effective July 1, 2012.
Starting this month, in connection with the ongoing transition to self-management, the Princeton, NJ-based company entered a transitional services agreement with CBRE Advisors to provide consulting related services through April 30, 2013.
Jack A. Cuneo, who was president and CEO of CBRE Advisors, has now become president and CEO of Chambers Street.
Philip L. Kianka, who was managing director of CBRE Global Investors, is now executive vice president and COO of Chambers Street.
Martin A. Reid was appointed executive vice president and CFO of the newly named REIT. Reid was executive vice president, development and acquisitions at Interstate Hotels & Resorts.
As of March 31, 2012, the trust owned, on a consolidated basis, 78 office, industrial and retail properties and a joint venture office development property in 16 states (Arizona, California, Colorado, Florida, Georgia, Illinois, Kentucky, Massachusetts, Minnesota, New Jersey, North Carolina, Pennsylvania, South Carolina, Texas, Utah and Virginia) and in the United Kingdom.
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