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.