But according to Andy Hoar, president of the local CB RichardEllis/Whittier Partners, the buyout would not affect the Bostonoffice. "There are no contemplated changes," Hoar tellsGlobeSt.com. "[A buyout] would not impact the Boston office."

The investor group, which is largely comprised of executives atCB Richard Ellis as welll as Blum Partners, currently owns 38% ofthe company's outstanding common stock. According to the proposal,the group intends to offer employees of CB Richard Ellis anopportunity to be equity investors in the company.

A special committee of the board of directors at CB RichardEllis has been formed with the authority to accept or reject theproposal and to consider alternatives for the company. Thecommittee has retained a financial advisor and a legal advisor tohelp evaluate the proposal. The proposal is subject to approval byCB Richard Ellis board of directors and stockholders.

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