San Francisco, CA, March 02, 2011 --(PR.com
)-- Cornish & Carey Commercial Newmark Knight Frank announced that its property management service line, C&C RiverRock Newmark, has more than tripled its managed property portfolio in just over a year of doing business. In December of 2009, C&C RiverRock Newmark introduced its property management service offering in Northern California with the 1.2 million square foot (msf) iStar Financial Silicon Valley portfolio under management. By December of 2010, C&C RiverRock Newmark had significantly grown its client base and managed property to over 2.5 msf. In late January of 2011, C&C RiverRock Newmark was awarded an additional 2.5 msf Silicon Valley portfolio assignment, bringing its total property management portfolio to more than 5 msf.
The expansion of the firm has kept pace with its client growth. When C&C RiverRock Newmark opened its doors it had one local property manager based in Cornish & Carey Commercial Newmark Knight Frank’s Walnut Creek office. Today, the firm has 10 people on staff in 4 different Bay Area offices. The firm plans to populate all 13 Cornish & Carey Commercial Newmark Knight Frank offices with property managers.
“C&C RiverRock Newmark has grown its client base by providing a focused, highly personalized, top-tier property management practice at a significant value,” said C&C RiverRock Newmark Principal John Combs. “We are proud to have more than tripled our managed property portfolio over the past 13 months, and plan to meet our original goal of 10 million square feet managed by 2012. We have an incredible property management team in place, and have developed a powerful collaborative service delivery system with Cornish & Carey Commercial Newmark Knight Frank brokers.”
A key value proposition of this property management-brokerage alignment is that new C&C RiverRock Newmark clients can benefit from a full service delivery approach with Cornish & Carey Commercial Newmark Knight Frank brokers. Businesses seek C&C RiverRock Newmark to stabilize properties by optimizing property operations and aligning asset cash flows with asset needs and goals of ownership. The property managers collaborate with Cornish & Carey Commercial Newmark Knight Frank brokers to develop and implement full service asset repositioning, workout, and value stabilization/maximization strategies including leasing properties with vacancies and selling optimized assets.
C&C RiverRock Newmark is a joint venture between RiverRock Real Estate Group, Inc. and Cornish & Carey Commercial Newmark Knight Frank. It is a Northern California-based commercial real estate management firm specializing in commercial, industrial and retail management. The firm established a breakthrough property management model based on innovative, client-focused standards for operational efficiency, customer service, fee structure, outsourcing, personnel and training that increases the ability of building managers to positively impact the value of a real estate asset. Select clients include Bristol Group, Cambra Realty, DCT Industrial Trust, iStar Financial, JP Morgan, UBS Realty Advisors, LNR Partners, LLC, Essex Property Trust and State Teachers Retirement System of Ohio.
A dominant regional real estate force since 1935, Cornish & Carey Commercial partnered in 2010 with Newmark Knight Frank, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark Knight Frank. Regionally, more than 280 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark Knight Frank core values of integrity and knowledge. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For more information, visit: www.ccareynkf.com.