Property Management, Leasing, and Project Management Services

The Arizona State Retirement System (ASRS) Master Agreement ASRS18-215212 is a comprehensive Property Management, Leasing, and Project Management Services contract with CBRE Inc. The IDV covers professional services for the 3300 Tower located in Phoenix, Arizona, a 363,655 square foot office complex. Services include property operations, maintenance, leasing, tenant relations, financial reporting, and strategic management. The contract provides a structured framework for property management with specific fee arrangements, including a property management fee of 1.4% of monthly gross revenues or $5,500 per month (later adjusted to $6,000), and leasing fees ranging from 2% to 7.5% of total base rental depending on lease terms and broker involvement.

The master agreement was initially awarded on October 1, 2018, with CBRE Inc. as the prime contractor. The contract is specific to the state of Arizona and operates as a master agreement with an initial one-year term and potential for renewal for up to nine additional one-year periods. Subsequent amendments have extended the contract through September 30, 2026, with incremental modifications to fee structures and service provisions. The IDV includes comprehensive insurance coverage, including commercial general liability, umbrella liability, property insurance, and professional liability policies. While the exact total contract value is not specified, the contract demonstrates a long-term, flexible partnership between ASRS and CBRE for property management services.