CB RICHARD ELLIS ACQUIRES COLUMBUS COMMERCIAL REALTY

LOS ANGELES-BASED CB RICHARD ELLIS GROUP Inc. (CBRE) has acquired Columbus, Ohio-based Columbus Commercial Realty (CCR), a full-service commercial real estate firm. Terms of the deal were not disclosed.

Founded in 1986, CCR had been owned by Minneapolis-based Welshco LLC, and had a total staff

CBRE already holds the No. 1 position in brokerage and property management activities in the Columbus area, but its local presence will be strengthened significantly through the combination with CCR, according to Rob Click, senior managing director of CBRE Columbus operations.

"Columbus Commercial is a great regional company, and had been one of our most formidable local competitors," said Click. "Marrying their strengths with our own will enable us to serve our clients and theirs more completely, while helping us to gain increased market share."

CCR will adopt the CB Richard Ellis brand name and will become fully integrated within CB Richard Ellis' local operations.

"This acquisition is consistent with our strategy of acquiring strong regional service providers that enhance our local market position and complement our platform," said Jim Reid, president of CBRE's Eastern Division. "Columbus Commercial, combined with our existing local operations, gives us a commanding position in the Columbus marketplace."

Following the acquisition, CB Richard Ellis' Columbus office now has 123 employees, including 47 sales professionals, and manages more than 14.7 million square feet of office, industrial and retail property. The two firms were together responsible for sales and lease transactions with a total consideration of more than $890 million in 2004.