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ANNAPOLIS, MD-The Maryland Board of Public Works has awarded CBRE a three-year contract to manage its real estate. It is the first time the state has outsourced its real estate brokerage, transaction management and strategic planning services, Mary Jo Eaton, managing director for CBRE’s Maryland brokerage and asset services operations, tells GlobeSt.com. Eaton, along with Mike Williams. Pete Larkin, Mike McShea and Peter Carroccio are handling the account, which started Sept.1.

Maryland has signed on CBRE at a time when it is making significant changes to its real estate holdings. “Over 600,000 square feet of space is currently in play in terms of either new leases or lease renewals over the course of the next six months,” Larkin tells GlobeSt.com. All together, Maryland leases more than 4.7 million square feet of real estate. Over the last three years, the state negotiated 275 leases valued at $174 million. Maryland’s current office and storage rent is $73 million annually.

The CB Richard Ellis Maryland account management team will be based in Baltimore and will be led by Williams. Larkin, McShea and Carroccio will provide strategic portfolio planning. Eaton will provide resources and oversight.

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