Los Angeles-Based Brokerage Strengthens Its Business in the Northeast with Acquisition of CB Richard Ellis-N.E. Partners
CBRE/New England’s headquarters workplaces at 33 Arch St. in Boston.
CBRE Group Inc. purchased its longstanding joint venture partner in New England, CB Richard Ellis-N.E. Partners LP, as the world’s largest business property services firm increases its focus on the U.S. Northeast.
CB Richard Ellis-N.E. Partners, likewise called CBRE/New England, is the largest industrial realty services firm serving Massachusetts, Maine, Vermont, New Hampshire, Rhode Island and Connecticut. Property company Whittier Partners Group and CBRE Group, then called CB Commercial Real Estate Provider Group, developed the joint endeavor in 1997.
CBRE, which is based in Los Angeles, will include the company’s Boston headquarters and six other places to its list of completely corporate-owned offices. It’s the second relocation significant move this year to reinforce the worldwide company’s New England platform after a big group of experts led by Steve Purpura moved from real estate firm Transwestern to CBRE in late February.
“Boston is an entrance city and among the most crucial realty markets on the planet,” said Jack Durburg, CBRE Group’s worldwide chief operating officer. “Integrating CBRE/New England formally into the CBRE organisation is the ideal move for our business, our clients and all our workers in New England.”
The Boston-based team’s 450 workers will end up being CBRE workers immediately. The company will still be branded as CBRE/New England through the end of the year, when it will come under CBRE Group’s brand.
“We felt the timing was ideal for this shift to much better serve our customers and our employees,” Andy Hoar, president and co-managing partner with CBRE/New England, said in a declaration. “Signing up with forces with CBRE along with Steve Purpura and our new colleagues will guarantee CBRE’s market management in the New England market for the foreseeable future.”
CBRE/New England, integrated with the Purpura-led group, handles more than 100 million square feet of business property and business facilities and has more than 1,200 employees, consisting of 450 workers of the former joint endeavor, 100 workers from the Purpura group and 650 existing CBRE Group staff members in the 6 states. The joint venture has 7 offices, including its headquarters at 33 Arch St. in Boston; Hartford and New Haven, Connecticut; Providence, Rhode Island; Portsmouth and Manchester, New Hampshire, and Portland, Maine.
CBRE Group is the world’s largest industrial property services and investment company based on 2017 income. The company, excluding affiliates, has more than 80,000 employees and accommodates real estate investors and occupiers through about 450 offices worldwide.