CB Richard Ellis Closes Insignia Deal
Los Angeles-based CB Richard Ellis, the nation’s largest commercial real estate brokerage, on Wednesday completed its acquisition of New York rival Insignia Financial Group for about $431 million in cash.
The deal, which was announced in February, gives CB Richard Ellis the more substantial presence in New York and London it has sought for years and combines rival operations in Los Angeles.
Few jobs will be cut as a result of the merger, principals said.
About 3.5% of the more than 14,000 employees of the combined firm will be laid off, most of them in overlapping administrative positions, said Lew Horne, executive managing director of the Los Angeles region for CB Richard Ellis.
Fewer than 10 of those layoffs will be in Los Angeles, he said.
Insignia’s 16 senior brokers in Los Angeles are staying with CB Richard Ellis, said Horne, including five office and industrial brokers Insignia hired from CB Richard Ellis.
