One of the largest corporate real estate management contracts in the world has been brought to market by Hewlett-Packard.
The IT giant is looking for an agent to manage its 60m sq ft global real estate portfolio in a contract valued at around £5m a year.
The company’s current three-year deal with CBRE comes to an end next year. It is now inviting pitches from providers with a global reach.
CBRE won the contract from Jones Lang LaSalle in April 2010.
The contract covers all real estate services, including transactions, lease advisory and building management.
CBRE has helped Hewlett-Packard to consolidate its real estate footprint, bringing it down from around 75m sq ft to 60m sq ft over the past two-and-a-half years.
The new contract is expected to run for three years and will cover the IT company’s property in the US and Canada; Europe, the Middle East and Africa; South America; and Asia-Pacific.
Also in the market is telecoms giant Alcatel-Lucent, which is looking for agents to help rationalise its 14.5m sq ft, 235-property EMEA portfolio.
