UTC hires CBRE as realty adviser

Hartford-based United Technologies Corp. has named real estate broker CB Richard Ellis Group Inc., with operations in Hartford, as its preferred provider for real estate advice across its property portfolio in Europe, the Middle East, Africa and Russia, GlobeSt.com reports.

UTC's portfolio in these regions comprises a total of 28 million square feet of office and industrial space, GlobeSt.com says on its Web site.

The CBRE professionals will now handle property concerns for UTC at about 2,231 sites in 38 countries. The firm's various brands, such as Carrier (heating and air conditioning), Otis (elevators and escalators), Hamilton Sundstrand (airplanes) and Sikorsky (helicopters) are the users of this space.

Andrew Hallissey, CBRE head of client strategies for the region, said the economic improvement in areas such as Europe and Asia should encourage large companies to evaluate their growth strategies.

"We are confident (the economy) will create ongoing opportunities for large occupiers like UTC to be even more creative with their property strategy and the management of their occupancy spend," Hallissey said in a statement.

A spokesman for Los Angeles-based CBRE tells GlobeSt.com that the company had 34 outsourcing contracts in the second quarter, the highest quarterly total in the firm's history, including management for Deere and Co., Boeing, Microsoft and Coca-Cola.

"We're continuing to see growth both with existing clients as well as new assignments, as companies look where they can be efficient, need advice on management or need geographic depth," the spokesman says.