CBRE Named Sole Strategic Real Estate Advisor For United Technologies Corporation (UTC) In EMEA
London, 23 August 2010 – United Technologies Corp. (NYSE: UTX) has named CB Richard Ellis (NYSE: CBG) as its sole preferred provider for transaction management, brokerage and strategic real estate advisory services across its property portfolio in Europe, the Middle East, Africa and Russia.
CB Richard Ellis will assume immediate responsibility for service delivery for UTC’s regional property portfolio, which is spread across 38 countries. The UTC portfolio comprises a total of 28 million square feet and incorporates 2,231 sites. The engagement includes the property holdings of all UTC business units, including Carrier heating and air conditioning; Hamilton Sundstrand aerospace systems and industrial products; Otis elevators and escalators; Pratt & Whitney aircraft engines; Sikorsky helicopters; UTC Fire & Security systems and UTC Power fuel cells. CB Richard Ellis was selected by UTC after a comprehensive market evaluation process conducted over the past half year.
Stephen Forino, UTC’s General Manager of Global Real Estate, commented: “Our partnership with CB Richard Ellis was structured to provide UTC business units in the region with direct access to market leading real estate resources and expert property related advice. As we continue our efforts to drive value from our global property holdings our relationship with CB Richard Ellis enables us to leverage considerable local market resources and a property services platform that can drive meaningful results for our businesses at a strategic level.”
Andrew Hallissey, Head of Client Strategies, EMEA for CB Richard Ellis, said: “We are delighted to have been selected by UTC to support them in the delivery of their property strategy. It’s particularly exciting for us to work with a market leading firm at the forefront of innovation and technological development in their industry. As conditions throughout the European economy continue to improve, we are confident this will create ongoing opportunities for large occupiers like UTC to be even more creative with their property strategy and the management of their occupancy spend. It’s critical that large occupiers maximise their real estate opportunities and deliver a consolidated approach to the management of their property portfolio.”