CB Ellis in Merger Talks With Insignia Financial
From Bloomberg News
Los Angeles real estate giant CB Richard Ellis Inc. is in merger talks with Insignia Financial Group Inc. Such a pairing would create the world’s biggest commercial real estate brokerage.
The talks center on a “proposed combination of the two organizations,” according to a spokesman for Insignia, the fourth-largest brokerage.
Shares of New York-based Insignia rose $1.35, or 16%, to $9.72 on the New York Stock Exchange. CB Richard Ellis, the country’s largest brokerage, is closely held.
The commercial property market has suffered from a drop in leasing activity.
News reports indicated that CB has agreed to pay about $400 million for Insignia.
