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CBRE awarded management of Chase Tower, PNC Center

June 24, 2014

The Indianapolis office of CBRE Inc. is set to assume property management at two of downtown’s largest office buildings.

The 1.1-million-square-foot Chase Tower and 649,500-square-foot PNC Center are both owned by suburban Boston-based Commonwealth REIT, which was the target of an investor campaign that led to the ouster of its board in March.

CommonWealth shareholders in May elected a new board led by billionaire investor Sam Zell of Zell’s Equity Group Investments.

The new board removed REIT Management & Research LLC, or RMR, as asset manager. RMR is owned outright by CommonWealth President Adam Portnoy and his father, Barry, a company founder—a connection that shareholder activists argued led the Portnoys to favor that business over the interests of CommonWealth.

Los Angeles-based CBRE will begin providing management services Oct. 1 for Commonwealth’s 156-property, 42.9 million-square-foot office portfolio.
 

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