Key to Buy Orix CMBS Servicing Ops

Cleveland-based KeyCorp has announced an agreement to acquire the commercial mortgage-backed securities servicing business of Orix Capital Markets LLC, Dallas, for an undisclosed amount.Key said the transaction would expand its CMBS servicing portfolio from $45 billion to more than $70 billion. Under the agreement, the company would acquire the master, primary, and special servicing rights to a limited number of securitizations on which Orix is the special servicer. Key said it expects to retain all Orix employees associated with the servicing operation. The company said the acquisition would position KeyBank Real Estate Capital as one of the top five commercial loan servicers in the United States. KeyCorp can be found on the Web at http://www.key.com.