CBRE SELECTED AS PRIMARY ADVISOR FOR PORTFOLIOS OF ORE BY FDIC

LOS ANGELES — CB Richard Ellis Group Inc. has been selected as a primary advisor to the Federal Deposit Insurance Corp. (FDIC) for the portfolios of owned real estate (ORE) nationwide. The CBRE-led team will be responsible for the management and marketing of residential and commercial ORE throughout all 50 states, Puerto Rico and the U.S. Virgin Islands. The portfolios comprises assets that are held by the FDIC in its capacity as receiver for failed financial institutions. Theodore Carter, executive managing director in CBRE’s Washington, D.C., will lead the ongoing client services, while Ken Pearson, as alliance director, will lead a nationwide team of asset managers, property managers and marketing personnel.