Commercial and Multifamily Briefs May 5, 2022
Commercial and Multifamily Briefs from CBRE, Colliers, Rockwood Capital.
CBRE, Microsoft To Provide Facilities Management And Maintenance Services For Large Retail Clients
CBRE, Dallas, has partnered with Microsoft to provide a suite of technology offerings to serve large retailers and other companies with similar distributed-site footprints.
This collaboration unites CBRE with Microsoft’s growing Dynamics 365 Field Services platform.
This collaboration will transform CBRE’s existing fmPilot integrated retail facility management technology. CBRE will work over the next several months to deploy the next generation of fmPilot to its current portfolio of existing users. The company will ultimately phase out its current fmPilot technology product. Going forward, the enhanced fmPilot technology built on Microsoft Dynamics 365 will become the core operating platform for CBRE’s growing base of Retail and Multi-Site sector clients.
CBRE will continue to invest in its Service Insight platform for Global Workplace Solutions clients in other sectors and divisions.
Colliers to Invest in Rockwood Capital LLC
Colliers, Toronto, agreed to invest in Rockwood Capital LLC, New York, an investment management firm with more than $12 billion of assets under management. The transaction will likely close in the third quarter. The firms did not disclose financial terms.
Headquartered in New York with offices in Los Angeles and San Francisco, Rockwood specializes in equity and credit investments across multifamily, office, mixed use, life science, hospitality and retail asset classes across North America. Rockwood’s history dates to the early 1990s when the firm’s founders served as real estate advisors to the Rockefellers, Olayans and other prominent investors. Rockwood invests across the capital stack through its series of flagship closed-end value-add, core/core-plus, credit and long-term development vehicles. Rockwood investors include many of the world’s largest public and private pension plans, sovereign wealth funds, endowments, foundations, insurance companies, and high-net worth individuals and their families.
Colliers will acquire a 65% stake in Rockwood, with the balance of the equity retained by Rockwood’s senior leadership team, who will continue to lead the business under the “perpetual partnership” model with Colliers, providing full alignment, long-term stability and orderly succession over time. Upon completion, Colliers expects the annual run rate of management fee revenue to be between $70 and $75 million and operating results to be significantly accretive.
