Swiss Re has hired AEW Capital Management to manage a real estate separate account portfolio previously managed by LaSalle Investment Management, according to people familiar with the matter.

The Zurich-based reinsurer, which declined to comment specifically on its decision, said the company has a “thorough external investment manager oversight framework in place by which we closely monitor our managers on their performance, strategy, fees and other relevant developments.

“On this basis, we also make decisions in line with our internal and evolving investment needs, as well as good governance and best practice.”

According to sources, AEW has already put a 133,000sqft office building located at 450 Sansome Street, in San Francisco, up for sale.

The asset which has been listed by Eastdil Secured is projected to fetch $130m (€119.8m). LaSalle bought the property on behalf of Swiss RE for $89.1m in July 2015.

Both AEW and LaSalle did not respond to a request for comment.