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NEW YORK CITY-RREEF Real Estate has tapped CB Richard Ellis and Transwestern to take over property management of the office and industrial portfolio which RREEF currently manages for its clients. The two assignments cover a total of nearly 120 million square feet across the US.

A unit of Deutsche Bank’s alternative investment management business, locally based RREEF will continue as asset manager on the properties, according to a release. “After over 30 years of direct property management of our clients’ portfolios, we have made the decision to transition out of the property management business and assign these services to two carefully selected, highly skilled property management companies,” RREEF Americas CEO Timothy K. Gonzalez says in the release.

Gonzalez adds that his company will be working closely with CBRE and Transwestern “in our continuing role as asset manager for each of the properties, concentrating on the execution of asset business plans, investment strategies and risk management for our clients’ portfolios.”

CBRE has been assigned an office and industrial portfolio that totals approximately 70 million square feet, with properties located mainly in Northern California, the Pacific Northwest, the Northeast, the Midwest and Southeast. Transwestern’s assignment covers approximately 47 million square feet concentrated in the Mid-Atlantic region, Southern California, the Southwest and Southeast.

The transition of the portfolios to CBRE and Transwestern is expected to be complete by the end of 2009, the release states. Globally, RREEF Real Estate has more than $52.3 billion in assets under management as of June 30.

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