Transwestern is set to take over as the property manager at Thames Street Wharf in October.
Beatty Development Group had been handling asset management since it sold the office building to KBS Realty Advisors last year for $89 million. Stephen Close, senior vice president at KBS, said the change isn’t the result of a performance issue and that a transition was assumed from the start. Beatty remains a tenant at the building.
“This was never going to be a long-term, forever thing,” Close said.
Close said his firm prefers to have their assets managed by true third-party firms, and that the change is part of a larger shift bringing properties in the region under one management umbrella. He also stressed that the firm’s relationship with Beatty Development remains strong.
“We hope to possibly do some more business out in Harbor Point,” Close said.