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."