CB Richard Ellis Group Inc. just landed one of the fattest real estate clients in recent history.
The Los Angeles-based global real estate services firm was just selected as a primary adviser for residential and commercial real estate assets the Federal Deposit Insurance Corp. will acquire as it takes over failed banks.
The company said it will be responsible for managing and marketing residential and commercial properties held by the FDIC in its role as receiver for failed financial institutions.
As a result of the financial crisis, federal regulators have taken over 22 banks so far this year, the most since 1993
CBRE has subcontracted with a number of other partners on the FDIC account. The subcontractors include Realogy Corp. — parent company of Sotheby’s International Realty, Coldwell Banker, Century 21 and ERA — to service the residential real estate portion of the FDIC account.
Interestingly, Richard C. Blum, Chairman of CBRE is the husband of United States Senator from California Dianne Feinstein. Could this contract with the FDIC been arranged through her efforts and office? Just wondering.