CBRE announced today that its Investment Accounting & Reporting Solutions (IA&R) group was named the fund and property administrator for Pacific Oak Capital, a privately held asset management company that spun off from KBS Holdings in 2018. CBRE will perform highly integrated services from property to fund-level accounting and compliance work for Pacific Oak Capital’s three existing REIT-structured funds.
“We are pleased to expand our relationship with Pacific Oak Capital to support their overall REIT-fund strategy,” said Jason Sheller, CBRE’s Global Head of Business Development and Strategy for its IA&R group. “With our team’s 100% focus on commercial real estate, which is unique within the industry, we are confident we can provide a differentiated perspective and deliver exceptional client outcomes that will help Pacific Oak Capital reach the next level of success in their organization.”
The IA&R group offers fully integrated real estate property accounting and fund administration services to developers, investors and asset managers in more than 40 countries with $120+ billion in assets under administration (fund services only) and over 16,500 properties. The group supports simple to complex fund structures including closed and open-ended funds, public and private REITs, JVs and separate accounts, expanding across all asset classes, along with property and design and construction accounting.
“We are very excited to have selected CBRE as a key partner in supporting our fund, platform and property accounting needs,” said Peter McMillan, Co-Founder of Pacific Oak Capital. “We chose CBRE because they are exclusively focused on commercial real estate and have the ability to provide a fully integrated dedicated real estate service offering. We are excited to partner with a firm that truly understands our needs and business and can deliver a true front-to-back solution. As we look to grow our business, we believe CBRE’s deep knowledge of the real estate asset class and its technology platforms will help us position our business moving forward.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Pacific Oak Capital Advisors, LLC
Pacific Oak Capital Markets Group is a privately held asset management company whose focus is on sponsoring and distributing financial products. The Pacific Oak team provides institutional quality alternative investment opportunities to financial advisors and their clients. Pacific Oak’s mission is to match capital with opportunity through a broad range of Real Estate, Private Equity, and other alternative investment product offerings, available exclusively through investment professionals.
