Curt Grantham, a former Crow executive in Orlando, directs 23 million sf nationally for the Charlotte-based bank from his Charlotte office. Crow also provides project management services on an existing contract for the bank's five million sf of headquarters space in Charlotte.
Bank of America initially announced its full outsourcing decision Oct. 3. Crow and the Chicago office of JonesLangLaSalle were given 65 million sf to handle in 38 states, as GlobeSt.com previously reported. Crow received 35 million sf; JLL garnered 30 million sf.
The value of the mangement contract to Crow was not disclosed. National annual average fees are at least 2% to 4% of the portfolio's gross value, senior brokers familiar with comparable transactions tell GlobeSt.com on condition of anonymity.
"The broad geographic nature of this account is a very good fit with our company's national and regional presence," Elwood "Woody" Coley Jr., Crow's Florida trade area managing director, says in a prepared statement. "This significant win for our company will enhance our corporate outsourcing business and further strengthen our market position."
Crow has serviced Bank of America since 1993. The brokerage's initial assignment spanned three million sf in North and South Carolina and Tennessee.
The full-service arrangement with the bank entails day-to-day property management and maintenance, project management, transaction work, real estate accounting and reporting, and real estate call center operations.
Grantham in Charlotte calls the new contract "one of the largest opportunities within our company." He and Bruce Ficke, managing director, JonesLangLaSalle, are coordinating the planning efforts of both staffs.
"The models we're creating, both with the bank and with each other, represent innovative approaches in our industry,"Ficke says in a separate prepared statement.
JonesLangLaSalle's territory for the bank are in the western states, Illinois, New York City, Buffalo, NY and El Paso, TX. JLL hub offices will be San Francisco, Los Angeles, Phoenix, Chicago and New York.
Crow's major offices to coordinate the bank's realty assets, besides Tampa and Charlotte, will be Atlanta, Baltimore, Dallas, Houston, Jacksonville, FL, Miami and St. Louis.
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