Multinational Conglomerate Retains GRS Group for US Property Condition Assessments
GRS Group signed a master services agreement with the US real estate management division of a € 75B multinational electronics, energy and engineering conglomerate to provide property condition assessments on their facilities across the United States. As part of an initiative to centralize management of their domestic real estate assets, a multi-disciplinary team of real estate and engineering professionals from the United States and Europe were assembled to work closely with select due diligence firms capable of providing equity level assessments.
The engagement involved providing property condition assessments for the firm’s owned and leased offices, warehouses and industrial plants that operate across many industrial sectors. The firm’s goal was to create detailed baseline assessments, and identify deferred maintenance items to establish a schedule of replacement reserves required to maintain the properties. While fulfilling its agreement with the firm, GRS Group inspected properties in 20 states and assessed a full range of facilities from remote specialized plants, to Class A office buildings, to major industrial complexes in campus settings or spanning multiple city blocks.