Large US financial institution Union Bank has hired commercial real-estate services firm CB Richard Ellis to manage and operte its entire real-estate portfolio, including most of its data centers.

"The new arrangement with CBRE includes nearly all (Union Bank) data centers," CBRE spokesman Philip Russo wrote in an email to DatacenterDynamics. Russo declined to elaborate, and Union Bank representatives did not respond to a request for comment in time for publication.

The multi-year full-service outsourcing contract includes facilities management, transaction management, project management, consulting and lease administration services. The bank's properties total more than 5m sq ft in 400 locations, primarily in California, Oregon, Washington, Texas and New York.

The bank currently holds about US$80.6bn in assets, according to CBRE.

Cynthia Rock, senior VP of corporate real estate at Union Bank, commented on the announcement, saying the bank was goint through unprecedented transformation to drive future growth. "Our partnership with CBRE will enhance the bank's operational agility while delivering innovation and cost savings opportunities."

CBRE reported $5.1bn in revenue for 2010. The company is headquartered in Los Angeles, California.