Trammell Crow Co. is the largest property manager in Los Angeles County for the fourth year in a row. The firm increased its base by adding 1.6 million square feet of office and retail space to its management portfolio in 2002. That brought the total under management to 16.1 million square feet, an 11 percent increase over last year.
The biggest gainers on the list were Elkins and Cushman & Wakefield, which increased the amount of property managed by 55.9 percent and 46.8 percent, respectively. Elkins added 1.9 million square feet and Cushman & Wakefield added 2.9 million square feet.
Transwestern saw the largest reduction in its management portfolio, losing 4.2 million square feet, or 74 percent, from the year earlier. It fell nine sports on the list, to No. 20. The decline was attributed to a combination of property sales and companies moving their management in-house. Transwestern’s biggest hit came when the 2 million-square-foot Warner Center, in Woodland Hills, was sold late last year.
Overall, the Top 25 firms managed 119 million square feet of office and retail property in L.A. County.
Trammell Crow Co.
Trammell Crow, the No. 1 property management firm in L.A. County for the fourth consecutive year, saw gains in office, retail and industrial markets in 2002.
The Dallas-based firm added 1.6 million square feet of office and retail space to its portfolio, and 5.1 million square feet of industrial space. It now manages 16.1 million square feet of office and retail space and 22.9 million industrial square feet.
Los Angeles properties account for 12.4 percent of its nationwide office and retail management portfolio and 7.5 percent of its national industrial space under management.
The local Trammell Crow operation added to its portfolio even as it experienced a shift in management in 2002. It brought on Bradley Cox from Cushman & Wakefield as senior vice president, which was followed closely by the departure of principal Peter Best. Cox, who was head of Cushman & Wakefield’s downtown leasing, is now overseeing office development in West Los Angeles for Trammell Crow. Best, who was head of leasing at Century Plaza Towers, is managing director at Jones Lang LaSalle.
Established in L.A. County in 1972, Trammell Crow is a real estate brokerage, development and management firm with offices in 26 states, Europe, Asia and Latin America.
Area President Robert Ruth is “cautiously optimistic” for 2003, encouraged by leasing activity and the increased size of deals at the company. “A number of very large transactions have taken place that will translate into additional business. (Because of) development deals, large leasing clients have been identified that are interested in ongoing management.”