The Wall Street Journal reports that the US Postal Service is “looking to downsize its real-estate portfolio”, and quotes Tom Samra, USPS vice president for facilities: “We’ll be putting buildings on the market and terminating leases, where possible.”
To coordinate the downsizing, the USPS has contracted with CB Richard Ellis Group for help in coordinating the selling of properties:
LOS ANGELES–(BUSINESS WIRE)–July 20, 2011–
CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that the United States Postal Service (USPS) has awarded CB Richard Ellis a contract to serve as its exclusive provider of strategic corporate real estate solutions nationally. CB Richard Ellis will provide transaction management services for USPS, including leasing and disposition. USPS’s portfolio consists of approximately 35,000 facilities, totaling over 300 million sq. ft.
Historically, USPS has worked with multiple real estate service providers, including CB Richard Ellis since 1997. The new contract with CB Richard Ellis enables USPS to consolidate these activities with one service provider.
CB Richard Ellis’ Brian Murphy led the USPS pursuit team, partnering with the Washington, D.C.-based Public Institutions team as well as professionals in the Denver and New York markets. John Chichester will serve as the Alliance Director for the account.