Koll to Acquire Majority Stake in Arizona Company

Real estate development company Koll said Tuesday that it will acquire controlling stake in a private Phoenix-based real estate management company, giving the Newport Beach developer a stronger foothold in the Southwest market.

After Koll purchases a majority equity stake in CBS Investment Realty Inc., one of Arizona's largest property managers with about 400 employees, the firm will operate as the Southwest region of Koll, company officials said.

The acquisition adds 20 million square feet of income property, mostly office buildings, to the property Koll manages, increasing the company's portfolio to nearly 150 million square feet, officials said.

Steven Corney, previously executive vice president of CBS, will join Koll as regional president of the company's Southwest region, which includes Arizona and New Mexico.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World