Trammell Crow has sold its pension real estate advisory business, Trammell Crow Realty Advisors, to Sarofim Realty Advisors. Terms weren't disclosed, but the deal was structured as an assignment of management contracts for three limited partnership funds and one separate account.
General Motors Corp.'s pension fund is the separate account client. Other Trammell Crow limited partnership clients are the Los Angeles County Employees' Retirement Association, Ameritech, the DuPont pension fund and the State of Michigan Retirement System. The net asset value of the funds and separate accounts was $1.2 billion.
Charles Lathem, vice president of Sarofim, said Trammell Crow decided to exit the pension fund advisory business because its funds had performed poorly and were due to liquidate between 1998 and 2000.