CB Richard Ellis Group Inc. said Tuesday that it has agreed to acquire Brisbane, Australia-based Corporate Property Ltd. for an undisclosed sum.
The Los Angeles commercial real estate broker said the deal is an effort to further its position as the leading commercial real estate services provider on the Pacific Coast of Australia.
Corporate Property was founded in 2001 and employs 10 people. The company operates from offices directly across from CB Richard Ellis' Brisbane headquarters, and it will remain independent. CB Richard Ellis Global Corporate Services has offices in Sydney, Melbourne and Perth.
"Acquiring Corporate Property further enhances our national coverage and gives CB Richard Ellis a strong foothold in the second largest market in Australia," Tom Southern, chief executive of CB Richard Ellis' Australia and New Zealand operations.
Shares in CBRE were up 17 cents to $22.17 in early trading Tuesday.
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