Koll to Manage One-Third of Firm’s Real Estate
Koll, the Newport Beach real estate development company, said Wednesday that it landed a contract to manage 3 million square feet of commercial properties for Providence, R.I.-based Fleet Financial Corp. Inc.
Koll said the contract was important to it both for reasons of size and prestige. Ed Lohnes, spokesman for Koll, said it is rare to add 280 buildings to a management portfolio with one contract. “Fleet’s entire portfolio of real estate holdings totals 9 million square feet, so this is a large part of it,” said Lohnes.
Included in the many properties is the corporate headquarters for Fleet Financial, the holding company for Fleet Bank.
Lohnes added that the agreement strengthens Koll’s profile with the banking community because Fleet is one of the nation’s largest banks.
In total, Koll manages 150 million square feet of commercial properties companywide.
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