It’s a trend.
CB Richard Ellis announced this morning that it will join the rush of brokerages vying for the growing advisory business surrounding just what the hell to do with all of these distressed assets likely to be flooding the market sometime soon.
CBRE has dubbed its team the Restructuring Services Group and named senior managing director Spencer Levy as its leader.
In so doing, CB is joining an army of firms looking to cash in on what is likely to be a lucractive business. As The Observer reported this week, Colliers ABR, Jones Lang LaSalle, Savills Granite, Newmark Knight Frank, Eastern Consolidated and Grubb & Ellis have all formed distressed asset groups.
“Savills has a number of clients overseas that have U.S. real estate exposures,” Savills senior vice president R. John Wilcox told The Observer. “We’re getting calls every day from those people asking, ‘What do we do with the debt we bought or property we bought with a local sponsor?’ Or, ‘Here’s our exposure—tell us what we should be worrying about.’
“We are doing note sales, asset sales, recapitalizations where we bring in new money or new debt. We’re doing advisory work either for lenders or for borrowers before a foreclosure or a bankruptcy. And then, lastly, we’re working on restructuring or bankruptcy for creditors and debtors.”