Transwestern's Phoenix office has been awarded the property management assignment for Phoenix's One Central Park East by Mesirow Financial Real Estate. The project is under construction and set to open in the third quarter of 2009. The Class-A property will feature 485,720 sq. ft. of office space along with 9,000 sq. ft. of retail space. Transwestern has begun a building commissioning process, including creating budgets and building system checks.
CB Richard Ellis Group has been selected to provide facilities management for Automatic Data Processing's 6.7 million sq. ft. portfolio. The exclusive five-year assignment will cover ADP's more than 200 facilities across the U.S. ADP is a business outsourcing solutions provider. The global corporate services team of CB Richard Ellis will oversee facilities management, including utilities, security, as well as repair and maintenance.
Bixby Land Co., a private REIT based in Orange County, Calif., has completed a $400 million portfolio repositioning with the acquisition of a 130,000 sq. ft. Class-A industrial facility in Las Vegas and a 264,418 sq. ft. Class-A industrial center in Stockton, Calif. Bixby began reconstructing its portfolio in 2006 by selling off non-strategic assets and using 1031 exchange funds to assemble an industrial and R&D portfolio exceeding 6 million sq. ft.