Florida State Board of Administration, Tallahassee, hired Duff & Phelps as appraisal administrator for $7.4 billion in real estate, pending contract negotiations, said Dennis D. MacKee, FSBA communications director.
Real Estate Research Corp. and Townsend Group, the two other finalists, will be considered by the board should it not reach an agreement on terms with Duff & Phelps, he added. The board doesn't have a timetable for the negotiations.
The appraisals are for the FSBA's direct and joint-venture-owned real estate, including retail, industrial, office, housing and agricultural properties. The investment managers for the properties are Heitman, Invesco, L&B Realty Advisors, Hancock Agricultural Investment Group and Prudential.
The selections are the result of a search the board issued in October.
FSBA, which oversees $133.7 billion in assets, used a variety of appraisers across the country; the selection seeks to consolidate that practice, Mr. MacKee said.