MIAMI—The City of Fort Lauderdale just hiredCBRE as its new real estate advisor—and thecompany is talking about a bona fide renaissance. With a one-yearterm and three possible one-year extensions, CBRE's mandate isfourfold: to cut the city's operating real estate expenses, alignreal estate operations with the services provided to citizens,monetize underutilized real estate assets. and dispose of surplusassets.

“The mayor and city commission have recognized that it has anopportunity to optimize its real estate holdings, and they aretaking a proactive approach to ensure the city's key assets areoperating in the most efficient, economical manner,” saysMichael McShea, one of CBRE's public sectorleaders. “This will ultimately save taxpayers money and ensure thedelivery of quality services to its citizens and otherstakeholders.”

McShea and Lee Ann Korst will take the chargeon the assignment in collaboration with CBRE South Florida'smanaging director Ken Krasnow, and localcommercial real estate brokers ScottAllen and Ryan Nunes. CBRE will advisethe city regarding both strategy and highest and best use ofseveral hundred parcels of land as well as represent the city on atransactional basis.