Only 16 managing directors out of more than 150 have received the award, which had first been given in 1999 for the previous year's accomplishments. Frey tells GlobeSt.com that it's his first top honor from the company. Last year, Penland had received CB Richard Ellis' premier honor, the Mahoney Award.

Frey has been Austin's managing director for the past eight months, having moved from Houston where he had been co-manager for nine years. Penland, a 30-year employee of CB Richard Ellis, has been market leader in the Houston office for several decades, say company sources.

The Didion Award is named after CB Richard Ellis' 12-year CEO, James J. Didion, who has been with the company for 36 years. It is accorded for exceptional market leadership and financial performance for the previous year. The weighted award is based on 20% leadership, 20% creativity, 40% financial performance and 20% business development.

CB Richard Ellis' Mahoney has gone to Raymond Sandelli, senior managing director in Florida. Jerry Asher, managing director of the Beverly Hills/Century City office, has received the Lifetime Achievement Award for his 32-year tenure with CB Richard Ellis. The McAdam Cup has been accorded to Mark Russell of San Jose, CA as top rookie of the year. Cathy A. Delcoco, senior vice president in Tysons Corner, VA has received the William H. McCarthy Award as the firm's outstanding sales professional in the Americas. The Innovation Award has been presented to the Call Center Solutions Group in Phoenix and the Team Production Award has gone to the South Bay Ownership Team.