CB Richard Ellis' local office rejoins California parent
CB Richard Ellis Hawaii, which split from its California parent company six years ago to become a local operation, announced yesterday it has been reacquired by its parent.
The purchase price and terms of the deal were not disclosed.
"We've grown so much in the last six years," said Joe Haas, president and senior managing director of CB Richard Ellis Hawaii. "We're looking for a way to continue our growth and improve services to our clients, and we think we can do that better with the corporate resources behind us."
Haas will keep the position of senior managing director. All 111 employees of CB Richard Ellis Hawaii at its four offices in Honolulu, Kauai, Maui and the Big Island will be retained under the corporate ownership.
"We will continue to service our clients at the same, if not better level," Haas said. "CBRE corporate is on a roll and they're doing really well. We'll be able to deliver tremendous strength and resources to our clients in Hawaii."
CB Richard Ellis was established in Hawaii in 1986 and was a subsidiary until January 2000, when several top employees bought the local operation and created a partnership.
CBRE Hawaii claims it is responsible for leasing more than a third of the Class A office buildings in downtown Honolulu, and manages close to 8 million square feet of commercial space.
Last year, it oversaw more than 440 lease and sales transactions valued at nearly $450 million, including the sales of the Ilikai Hotel and Waikiki Beach Marriott Resort & Spa.
The parent company CB Richard Ellis is purchasing its affiliate companies to extend its presence in key markets around the world.
"CBRE Hawaii is a perfect cultural and strategic fit for us," said William Chillingworth, president of the western division of CB Richard Ellis. "We see significant growth opportunities in Hawaii and the Pacific Islands by more fully integrating the operation into our global platform, and we are particularly looking forward to aligning the local hospitality specialists with our burgeoning worldwide hotel practice."
Federal regulators recently cleared the way for CB Richard Ellis to acquire rival Trammell Crow Co. for nearly $1.8 billion.