LOS ANGELES-CB Richard Ellis has launched a new initiative called the Restructuring Services Group that brings together under one umbrella the full range of CBRE capabilities for servicing distressed commercial real estate. Spencer Levy, the senior managing director who leads the new initiative, tells GlobeSt.com that the Restructuring Services Group will “provide a single point of contact for our clients who are dealing with distressed commercial real estate.”

CBRE already provides all of the services required to service distressed real estate throughout an asset’s life cycle and has professionals throughout the company who are already working on such assets, Levy notes, but the new group “will bring them under one umbrella because we think that’s the best way to serve both national and regional accounts.” The new group has the capabilities to service both REO properties and loans that have not fallen into foreclosure. “In addition to skills regarding owned real estate, we also have a very large subsidiary that manages loans, and a large loan sales practice, so whether it is the whole loan or an REO asset, we have the resources to service the asset,” Levy points out.

Most of the clients of the new group initially will be large national and regional financial institutions, Levy says. He describes CBRE as well-qualified to service assets for these large national and regional firms because the Los Angeles-based company operates service platforms that rank as the largest or one of the largest in every facet of services required for addressing the problem of distressed assets.

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