(CBG) CB Richard Ellis Group to Consolidate Operations

March 29th, 2010

CB Richard Ellis Group Inc. (CBG), the world’s largest commercial real estate firm, has decided to consolidate its operations in Uptown Dallas and bring its development and acquisitions divisions under a single roof.

The company is currently in the final stages of negotiation to lease about 90,000 square feet of space at 2100 McKinney, a 375,000 square feet office building on McKinney Avenue in Dallas. With the lease, the property would have 75% occupancy.

According to sources familiar with the deal, CB Richard is expected to vacate about 40,000 square feet at Lincoln Centre along LBJ Freeway and about 40,000 square feet at 2100 Ross Avenue in downtown Dallas. Trammell Crow Co., an independently operated subsidiary of CB Richard, is also expected to vacate about 20,000 square feet at Trammell Crow Center at 2001 Ross Avenue.

The consolidation is expected to improve communication and collaboration among the various job functions. The strategic move is also expected to change the workplace dynamics and result in a corporate synergy, unifying the culture of the company and enabling the employees to work cohesively as a team.

CB Richard is a commercial real estate services firm with full-service operations in metropolitan areas worldwide. The company offers a range of services to occupiers, owners, lenders and investors in office, retail, industrial, multi-family and other types of commercial real estate assets globally under the CB Richard Ellis brand and provides development services under the Trammell Crow brand.

Zacks Investment Research

More on this topic (What's this?)
CB Richard Ellis (CBG) Reports Best Revenue Growth Since 2007 (Wall St. Cheat Sheet, 7/28/10)
Bookkeeping: Closing CB Richard Ellis (CBG) (Fund my Mutual Fund, 10/21/10)
Stock Market Analysis Video: A Trendless Market (The Iconoclast Investor, 8/20/10)
PTF (perusing the filings) - CB Richard Ellis (AlphaNinja, 6/10/09)
Read more on CB Richard Ellis Group at Wikinvest

Related Posts:

  1. (PERY) Perry Ellis International’s Earnings Report Tops – Outlook In LinePerry Ellis International Inc. (PERY) swung to a fiscal 2010 fourth-quarter net income of $8.5...
  2. (SPG) Simon Property Group Quarterly Funds From Operations DipsSimon Property Group Inc. (SPG), a leading real estate investment trust (REIT), reported fourth quarter...
  3. (CBG) CB Richard Ellis Group Beats Consensus EstimatesCB Richard Ellis Group Inc. (CBG) reported fourth quarter earnings of 21 cents per share...
  4. (JOE) St. Joe Company Inks Deal with CB Richard Ellis GroupThe St. Joe Company (JOE), a publicly-held operationally diversified real estate company, has inked a...
  5. (WMB) Williams Companies Announces $12 Billion Restructuring to Consolidate OperationsNatural gas producer and pipeline firm Williams Companies (WMB) announced a $12 billion restructuring program...
  6. (CBG) CB Richard Ellis Group to Sell CA Government PropertyCB Richard Ellis Group Inc. (CBG), a leading commercial real estate firm, recently won a...


Search Posts by Tag: | | Financial | Property Management

RSS Feeds by Tag: CB Richard Ellis Group | CBG | Financial | Property Management |

Other Posts by: | RSS Feed for this author