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Realtors return
firm to local
ownership
Employees of CB Richard
Star-Bulletin staff
Ellis buy the operation from
the mainland corporationKey employees of a large commercial real estate firm in Honolulu, CB Richard Ellis Hawaii Inc., have bought the business from the mainland corporation that owned it, forming a partnership relationship with the California parent instead of continuing as a subsidiary.
In the deal concluded Friday, for undisclosed terms, the Hawaii business was taken over by Frances Okazaki, managing director, and nine of the agency's top sales people. G. Scott McCormack, an experienced Hawaii real estate executive, also joined the business as co-managing director.
McCormack left the post of senior vice president, asset management, at Trinity Investment LLC, owners of the Aloha Tower Marketplace, Harbor Court and other Hawaii properties.
Okazaki and McCormack said they will restructure the Hawaii business, implementing new ways of compensating the 41 employees and bringing them into the partnership. As an affiliate of CB Richard Ellis Services Inc., a publicly held company based in El Segundo, Calif., the Hawaii business continues to be part of an international network of services in property sales and leasing, investment property acquisitions and advice to corporations in property ownership and management, they said.
The Hawaii executives said they want to establish new links with key CB Richard Ellis offices and clients in Asia and strengthen relations with mainland offices.
CB Richard Ellis Services was formed by CB Commercial's acquisition of Koll Real Estate Services and REI Ltd., turning a mix of real estate companies into a global operation that has more than 10,000 employees in 250 offices and reported revenues of more than $1 billion last year.
