CB Richard Ellis and Trammell Crow, two of the largest commercial real estate brokers in the United States, announced they would merge in a deal that is worth 2.2 billion dollars. Trammell Crow’s building division will keep its name, with the rest of the company falling under the CB Richard Ellis Umbrella.
The combined company will have over 21,200 employees and sales of nearly 4 billion dollars. They will be able to offer worldwide commercial real estate services and a huge portfolio of properties under contract.
Yesterday’s deal combines CB Richard Ellis’s global operations in leasing space and buying and selling office buildings with Trammell Crow’s corporate services, development and project management experience, company executives and real estate experts said.
CB Richard Ellis, based in El Segundo, Calif., is buying Dallas-based Trammell Crow for $49.51 per share in cash. The deal is expected to close by the end of the year. CB Richard Ellis stock closed up $1.81 yesterday, at $30.03; Trammell Crow closed up $9.65, at $48.75.
A Trammell Crow division that builds office buildings will keep its name and be run as a separate subsidiary; all of its development projects will proceed. Executives said it is too early to know if either company will move its local offices or if there will be layoffs. via the washingtonpost.com.
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