In a sign that financial markets remain stagnant, the struggling investment subsidiary of real estate brokerage giant CB Richard Ellis Inc. said Tuesday that it would sever relations with its Los Angeles parent company and strike out on its own.
The separation, effective at the end of the year, will allow CB Richard Ellis to disassociate itself from troubled subsidiary CBRE Realty Finance Inc. and give the Hartford, Conn.-based finance company the chance to chart its own destiny. Both companies called the separation "mutually beneficial."
CBRE Realty Finance said it would change its name to Realty Finance Corp. in January, when CB Richard Ellis will terminate its management contract. The former parent company will retain its 5 percent ownership stake, however.
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