BANKING : American Savings Links With Realty Firm to Meet Needs

American Savings Bank owns and leases a lot of office space statewide--about 2.8 million square feet altogether.

The state’s fifth-largest thrift has 169 branches, a large administration complex in Stockton and a two-building headquarters complex in Irvine. And its constant adding, consolidating and selling of office space gave it headaches because it had to hire local brokers to help.

But now, American Savings has teamed with San Francisco-based Grubb & Ellis, one of the nation’s biggest commercial real estate brokers, to handle all its corporate real estate needs.

If the S&L; acquires another thrift or a bank’s branch system, or if it wants to sell or lease any of its office space, it simply turns to Grubb & Ellis for help.

“Our real estate portfolio is our single-largest asset, as well as our second-largest cost after salaries,” said Rich Liddell, vice president and manager of American’s corporate real estate. “My goal is to manage our real estate portfolio as a profit center.”

To do that, Liddell will be using Grubb & Ellis’ corporate services division, along with software developed by a Grubb & Ellis affiliate.

For Grubb & Ellis, the agreement with American Savings Bank represents “one of the most significant trends in real estate in the past 20 years,” said Craig Morris, managing director of the corporate services group. The unit already is handling corporate-owned real estate for several other major firms, including the Campbell Soup Co.

Liddell said that whatever the cost, it will amount to no change in American’s expenses because the S&L; simply will be turning over to Grubb & Ellis the commissions it would have paid various brokers around the state.