Also set to be included in the initial push is One Federal St. in Boston, which Clarion has been managing for a little over a year. According to Jamestown partner Stephen J. Zoukis, the only hurdle that stands before the dual management assignments is lender approval. "In any loan documents, the lender reserves the right to approve changes in management," he explains. "Those requests are into both lenders--Securitized Debt for 1211 and Helaba for One Federal. We expect those approvals to go through."

Zoukis is clear that the change is more about Jamestown than about the Rockefeller Group, which will continue to hold a minority ownership in the building. "We've enjoyed our association," he tells GlobeSt.com. "They are good people and good managers. This is simply part of the process of developing our own company's business. It's the next step in taking over complete control of the management of our larger assets." He adds that further changes would affect only certain CBD properties--not its entire $3.4-billion real estate portfolio. "Since we are focused on large urban things, that's what this joint venture is all about."

"Jamestown informed us that they intend to self manage their portfolio, which includes 1211 Ave. of the Americas, as part of their strategic business plan," a Rockefeller Group spokesperson reported to GlobeSt.com. "We support that concept and expect to continue to provide some of the services of the Rockefeller Center campus for them. The Rockefeller Group holds a minor equity position in the building that our company constructed in 1973 when the major tenant was the Celanese Co."

Jamestown and Clarion both "bring substantial experience to the relationship," says C. Stephen Cordes. Cordes is a managing director at Clarion and president of Clarion Realty Services. "Our skills are highly complementary, and Jamestown's investors and the tenants will benefit from the combination." The Manhattan-based Clarion, a member of the ING Group, already has some $10.4 billion in managed assets in both the private and public equity sectors as well as in public debt.

If the approvals come through for 1211 and One Federal, the joint venture will be starting off with some heavyweight tenants in its roster. The 1.85-million-sf 1211 is home to Rupert Murdoch's News Corp., which holds 640,000 sf. Also in the building are JP Morgan Chase (with 470,000 feet); CIT (at 180,000 sf); and West Deutsche LB (leasing 150,000 feet). The asset has already been in the news recently as one of the targets in Moody's potential downgrades of various classes of property loans.

One Federal St. is a 1.12-million-sf asset that boasts Fidelity (347,000 feet), States Street Bank (190,000 sf) and Fleet Boston Bank (225,000 feet) in its tenant roster.