PROVIDENCE – CBRE Group Inc. has acquired the remainder of its joint-venture CB Richard Ellis N.E. Partners LP, the company announced Tuesday.
The move bought out Whittier Partners Group from the New England venture, the second part of a planned expansion that included the hiring of 100 employees from Transwestern, a firm based in Texas, in February.
CBRE employs roughly 1,200 workers in the New England area, including 450 in the CBRE/New England brokerage and 650 in other commercial real estate services.
“We are very excited to fully integrate our market-leading regional platform into CBRE, the industry’s leader in commercial real estate services. We felt the timing was right for this transition to better serve our clients and our employees. Joining forces with CBRE along with Steve Purpura and our new colleagues will ensure CBRE’s market leadership in the New England market for the foreseeable future,” said Andy Hoar, president and co-managing partner, CBRE/New England.
A company spokesman said there will be no staffing changes in the company’s Providence office.
According to PBN’s 2018 Book of Lists, CBRE New England was the largest commercial real estate brokerage in Rhode Island, ranked by square footage handled in 2016. The company was also the second-largest commercial broker in Bristol County, Mass., by the same measure, only behind Jones Lang Lasalle.
Details of the transaction were not provided. The company said the CBRE/New England brand will remain in use until the end of the year.
Chris Bergenheim is the PBN web editor.