The Georgia State Properties Commission has tapped Cassidy Turley to identify and help drive occupancy savings across the state's real estate holdings. Cassidy Turley will provide an array of corporate services including transaction management, project management,administration and portfolio consulting for the state's 195 million-sq.-ft. portfolio of leased and owned real property.
In November 2012, Georgia voters passed Amendment 2, permitting the state to enter into multi-year lease agreements. Amendment 2 opened the door for the state to take a strategic approach to its real estate portfolio and identify opportunities to improve efficiency, cut costs and enhance the state's real estate leverage in market lease negotiations.
"Our collaboration with Cassidy Turley is a transformational step towards lowering real estate costs and saving taxpayer dollars," Frank Smith, deputy executive director, Georgia State Commission (SPC), said in a statement. "Cassidy Turley's vast experience with public and private-sector organizations will help the State of Georgia reap the same savings opportunities traditionally enjoyed by private sector tenants."
As a result of Amendment 2's passage, the SPC initiated a competitive selection process to evaluate commercial real estate services providers' expertise in delivering consistent transaction and project management across the State. SPC also evaluated firms' track records of leveraging real estate technology and driving efficiencies and cost savings across large and complex public sector portfolios.
"We're proud to serve the State of Georgia as it addresses this important opportunity," Cassidy Turley CEO Joseph Stettinius Jr. said in a statement. "It's a significant step forward for Georgia, and it's also an extremely important partnership for our company as we strive to deliver excellent customer service to each state agency and real value to their stakeholders."
The agreement marks the Georgia's first real estate services agreement. Cassidy Turley will provide organizational capacity, transaction resources and market expertise, and SPC has already begun evaluating strategic options including consolidation and disposition of space, potential lease rate reductions and allowances and high-performance workplace strategies to yield more efficient space utilization. These services will be provided at no cost to the state. Commissions paid to Cassidy Turley by landlords will be based on market commissions, and Cassidy Turley and SPC will enter into a broker agreement to ensure that compliance with all State real estate licensing rules and regulations are met.