CBRE Wins Round in Property Battle

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CB Richard Ellis Group Inc. has won a round in a legal battle with real estate developer Richard Weintraub over a 20-acre property in Marina del Rey.


A Los Angeles jury on Wednesday ruled that CB Richard Ellis and its broker Blake Mirkin did not breach its duty to represent Weintraub Financial Services Inc., which had wanted the property, or interfere in the sale of the property, which is located at Jefferson Boulevard and Alla Road.


“We are ecstatic. The truth is that Mirkin and CB Richard Ellis should have been vindicated, and we are glad we could help do that,” said Patricia Glaser of L.A.-based Christensen Glaser Fink Jacobs Weil & Shapiro LLP, which represented CB Richard Ellis and Mirkin in the case.


Weintraub’s attorney, Harvey Friedman of Los Angeles-based Greenberg Glusker Fields Claman & Machtinger LLP, could not be reached for comment.


Weintraub, the son of former Los Angeles Unified School District board president Roberta Weintraub, sued CB Richard Ellis and Mirkin in Los Angelels Superior Court in December 2006 for $15 million in damages.


According to court documents, Weintraub claimed the parties knew Weintraub Financial intended to purchase the property from Home Depot Inc. for $75 million in November 2006.


Weintraub further alleged Mirkin used the confidential information to help the Lionstone Group, a real estate investment trust, outbid Weintraub Financial. Lionstone purchased the property for $76 million in December 2006.


But Mirkin claimed Weintraub never told him of his company’s intent to purchase the space. Pacific Retail Partners represented Home Depot in the sale.

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