News alert: Stirling gets contract to manage Perkins Rowe

Covington-based Stirling Properties has announced it has been awarded a contract to provide all leasing, sales, property and construction management services for Perkins Rowe. The terms of the deal were not disclosed by Stirling, which in a brief statement on the contract says only that “exciting information regarding this project will follow in the near future.” Stirling takes over management of the mixed-use development from Chicago-based Jones Lang LaSalle, which was appointed by a federal district judge to take over and manage Perkins Rowe in August 2009 after the main lender on the project, KeyBank National Association, initiated foreclosure proceedings against its developer, Tommy Spinosa. KeyBank—which spearheaded the fight against Tommy Spinosa in a four-year foreclosure battle and at one time was the main lender on the project—sold its interest in the development last fall to an entity called Istrouma Agent Inc. And, as Daily Report recently reported, Fort Worth, Texas-based TPG Capital—a private equity firm with more than $55 billion under management worldwide—now appears to have an ownership stake in Perkins Rowe. Sources familiar with the long-running saga of Perkins Rowe say involvement from a firm like TPG—along with Barclays Bank, which owns the majority of the Perkins Rowe debt—bodes well for the future of the development. Opened in 2007, Perkins Rowe includes 364,648 square feet of retail space and 126,000 square feet of Class A office space, in addition to residential condos. —Staff report