The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Union Bank, N.A. Awards CB Richard Ellis Group, Inc. Full Service Real Estate Outsourcing Contract for 5 Million Sq. Ft. Portfolio

Thursday, July 28, 2011

Union Bank, N.A. Awards CB Richard Ellis Group, Inc. Full Service Real Estate Outsourcing Contract for 5 Million Sq. Ft. Portfolio17:10 EDT Thursday, July 28, 2011 LOS ANGELES (Business Wire) -- CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that it has been selected by Union Bank, N.A. to provide full service outsourcing, including facilities management, transaction management, project management, consulting and lease administration services, for Union Bank's real estate occupancy portfolio. The multi-year contract with Union Bank, a full service commercial bank with $80.6 billion in assets, encompasses over 5 million sq. ft. and 400 locations primarily in California, as well as Oregon, Washington, Texas and New York. “Union Bank is going through an unprecedented transformation to drive future long-term growth,” said Cynthia Rock, senior vice president of corporate real estate for Union Bank. “Our partnership with CBRE will enhance the Bank's operational agility while delivering innovation and cost savings opportunities.” “As the leading real estate outsourcing service provider to the financial services industry, we look forward to proactively contributing our experience and integrated service capabilities to serve Union Bank's strategic needs as they position themselves competitively for the future,” said Bill Concannon, president of Global Corporate Services for CB Richard Ellis. CB Richard Ellis signed a record 47 new, expanded and renewal outsourcing contracts in the second quarter of 2011, surpassing its previous record of 44 total contracts signed in a quarter, which was achieved in the first quarter of 2011. About CB Richard Ellis CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at About UnionBanCal Corporation & Union Bank, N.A. Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $80.6 billion at March 31, 2011. Its primary subsidiary, Union Bank, N.A., is a full service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 401 banking offices in California, Washington, Oregon and Texas, as well as two international offices, on March 31, 2011. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG) (NYSE:MTU), one of the world's largest financial organizations. Visit for more information. CB Richard EllisRobert McGrathSenior Director, Communications212-984-8267Robert.mcgrath@cbre.comorUnion BankTom TaggartSVP & Director, Corporate