O&Y Properties Corp. and CB Richard Ellis Limited have formed a new partnership to develop facilities management and corporate real estate services opportunities in Canada. The new venture, to be called O&Y CB Richard Ellis Facilities Management, will operate separately from its parent companies. According to O&Y, corporate real estate services—facilities, project, and transaction management on behalf of a user group—is a relatively new field in Canada with huge growth potential.
The new partnership has been awarded a five-year contract to provide outsourced corporate real estate services for Canadian Imperial Bank of Commerce’s (CIBC) Canadian facilities. O&Y CB will contract certain transaction management services to PricewaterhouseCoopers Real Estate Investment Management Services, who were an integral part of this successful bid and currently provide these services to CIBC. This contract also includes some project and transaction management services for CIBC’s United States properties. O&Y CB is expected to expand their delivery of services to CIBC in the United States during the contract term.
