"They wanted experience and best in class service delivery on this type of account," Burden tells GlobeSt.com. "It was a big part of other services we've done for the client and they wanted to see some of those services brought to them in market coverage with professionals across the country. They trust the account management team and we engage brokers in the field to assist."

Involving Colliers in its real estate dealings with a multi-year contract is a shift in strategy for Allstate, which previously had one firm handling transaction management services for its entire portfolio nationwide. "For their business, they wanted two providers," Burden says. "They wanted to see a comparison of best in class service delivery."

A spokesman for CB Richard Ellis tells GlobeSt.com the firm continues to provide transaction management services for Allstate's eastern region portfolio and property management services for more than one million square feet. Colliers has previously worked with Allstate in recent years on sale-leaseback transactions across the country and several dispositions, including regional offices totaling nearly one million square feet.

"We've got some aggressive goals now to reduce the overall real estate spend for the portfolio and improve space use efficiencies," Burden says. "There are a number of metrics we're going to be monitoring and benchmarking ultimately over the course of the next several years to proactively work toward a more efficient portfolio. We're going to look at selling off properties, consolidating operations, and looking at opportunities in the marketplace where the leases could be recasted at better terms, particularly in this environment which favors tenants and those with strong credit like Allstate."