July 21, 2006
Corporex Begins Outsourcing
Corporex has outsourced its leasing and property management operations to two area commercial real estate firms. The company now began to focus on development and investment opportunities. While Corporex used to deal directly with most of its tenants, now 90 percent of them employ tenant brokers.
Colliers Turley Martin Tucker and Grubb & Ellis/West Shell Commercial are the two firms that will manage Corporex's operations. According to Corporex sources, the decision was taken to focus on development and investment and to leave day-to-day leasing and management of its properties. The outsourcing arrangements will affect 22 Corporex employees. In addition, a few jobs have been abolished.
Banta said the deals are based on short-term contracts, but that Corporex hopes the relationships are long term. The operations of Corporex-owned hotels and its Five Seasons Country Clubs have not been affected.
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