People - MARCH 6, 2013

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FSBA hires two new firms for appraisal management administration

by Sara Kassabian

The $161.7 billion Florida State Board of Administration (FSBA) has chosen Canada-based Altus Group and Real Estate Research Corp. (RERC) as the firms responsible for appraisal management administration, according to John Kucwanski, the communications manager at FSBA.

It has not yet been determined which firm will be responsible for managing real estate and which will be responsible for managing alternative investments. One of the firms will replace Duff & Phelps, the previous real estate appraisal management administrator for real estate and alternatives at FSBA. The firm was hired for an initial three-year period, and FSBA had the option to renew the contract for two additional one-year periods. Kucwanski says the search for a new appraisal management administrator is part of a routine rebid schedule.

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