BNY Mellon Investment Management announced Wednesday that it has entered into a definitive agreement to sell investment boutique CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners.

Founded in 1987 and headquartered near Philadelphia, CenterSquare Investment Management has approximately $9 billion in assets under management in U.S. and global real estate and infrastructure investments. Founded in 1999, Lovell Minnick Partners has a long track record of investing across the investment management, distribution, and advisory value chain.

Terms of the transaction were not disclosed.