CB Commercial Expands
L.A.-based CB Commercial Real Estate Services Group, already the nation’s largest commercial real estate brokerage, has been growing rapidly since its initial public offering in 1996, and it set the industry pace last year for acquisitions with two major deals.
In March, CB Commercial purchased the property management firm Koll Real Estate Services for stock worth an estimated $160 million. The acquisition of the Newport Beach-based company tripled CB Commercial’s property management business, giving the combined company about 300 million square feet under management nationwide.
In November, CB Commercial announced another major acquisition when it purchased London-based brokerage firm Richard Ellis for about $100 million in cash and stock. The deal, expected to close in April, will give CB Commercial a presence in 31 countries and create the first global commercial real estate services firm, according to CB officials.