CB Richard Ellis Group Inc. has changed its corporate name to CBRE Group Inc., effective immediately.
The Los Angeles company, which has about 31,000 employees worldwide and provides property sales, leasing and management, mortgage banking and other services at 300 offices, on Monday said the change better aligns its corporate name with its CBRE brand.
"Increasingly, our clients have come to know us as CBRE, and our highly visible CBRE logo has grown into one of the industry's most powerful and well recognized brands,” Chief Executive Brett White said in a statement. “Adopting CBRE as our corporate name simplifies our identity and enables us to further capitalize on the advantage of our strong brand."
After the markets closed, CBRE said that it had completed its acquisition of ING Group NV’s real estate investment management operations in Asia. The business will be merged with CBRE’s existing operations in the region.
Shares closed down 37 cents, or 2.7 percent, to $13.09 on the New York Stock Exchange.