CB Richard Ellis launches new era of excellence in global real estate services

CB Richard Ellis (CBRE) today marked the completion of its acquisition of Insignia Financial Group, launching a new era of excellence in real estate services around the world. CBRE, the world’s largest real estate services company, now has a total workforce of more than 14,000 employees, revenues of more than $1.7 billion, and more than 250 offices in 48 countries, providing customized solutions to its vast client base. CBRE is now equipped to provide clients with an incomparable range of commercial real estate services.

“We are realizing our vision for CB Richard Ellis as a company that marries unparalleled market intelligence with critical analytical thinking,” said Ray Wirta, CBRE’s CEO. “This intellectual capital is supported by technology and resources that enable our people to provide expert answers and solutions to every commercial real estate issue and question.” “We are marking a defining moment in our firm’s century-old history: its emergence as the only truly global real estate services firm with a platform built on leadership in every major local market of consequence, and a commitment to the highest degree of client satisfaction,” said Brett White, CBRE’s President.

In 2002, on a combined basis, CBRE and Insignia produced and/or directed:

  • Sales and lease transactions with a total value in excess of $80 billion. According to Commercial Property News (June 1, 2003), this total is equal to the next six largest service companies combined;

  • $9 billion in commercial financing;

  • more than 700 million square feet of property and corporate facilities under management;

  • $14 billion in investment assets under management; and

  • Nearly 41,000 appraisal/valuation and advisory assignments on properties with a total asset value of $414 billion.

In addition to its business production, CBRE offers the industry’s largest proprietary research infrastructure. CBRE’s research includes nearly 300 local market research professionals, complemented by the macro-analytical and forecasting capabilities of its internationally recognized Torto-Wheaton Research unit.

CBRE’s financial strength â€" with tens of millions of dollars in annual free cash-flow (after paying for debt-service and fixed overhead) â€" will enable the firm to invest in training and technology, and maintain stability and service throughout all economic cycles. This financial strength supports the industry’s largest infrastructure in terms of technology, geographic reach and commitment to training.

“We start out today as the leader in virtually every discipline and major market, and we are committed to expanding our market position and presence. For my Insignia colleagues, this is an exciting moment as we now have at our disposal all the resources to serve our clients more thoroughly and more completely than ever before,” said Stephen B. Siegel, Chairman of Global Brokerage, formerly Chairman and CEO of Insignia/ESG’s commercial real estate operations.

With the integration of Insignia’s New York City and London operations, CBRE is now the undisputed leader in the world’s two largest and most significant business centers.

“CB Richard Ellis is about a lot more than size and scope; it is about consistent excellence in the service of every single client everywhere in the world,” said Alan Froggatt, who is now president of CBRE’s operations in Europe, Africa, and the Middle East. “The real winners here are our clients, both Insignia’s and CB Richard Ellis’.”
CB Richard Ellis is majority owned by private equity firm Blum Capital Partners, which provided $120 million of equity capital to consummate the Insignia acquisition.

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