According to an internal CBRE memo obtained by GlobeSt.com and written by Greg Vorwaller, who heads up the firm's investment group, the hiring included Scott Schumacher, Paul Perkins, Michael Moore, Rob Hannan and Lorie Armendariz. A Grubb spokesperson would not comment on the departure. Neither Shannon nor Vorwaller returned phone calls.

The CBRE memo went on to characterize the potential that exists in investment properties. "The Western US generally represents a significant growth opportunity for our IP practice," Vorwaller wrote. "We have a strong team in place under Anthony Buono, and expect to focus additional attention on growing our talent and resources throughout this part of the country."

Recent bell-ringer deals for Shannon and his group include the $274-million sale of three San Diego office buildings to Triple Net Properties. It's considered the largest building sale ever in San Diego.

The news comes at a time when Grubb is seeking to build market share. Total revenue for the three-month period ended Dec. 31, 2005 was $140.6 million, up 3.7% from $135.6 million reported in the second quarter of fiscal 2005. "Our core businesses achieved solid financial and operational performance during the first six months of our fiscal year, driven by the strong investment sales market, significant new business assignments from existing and new clients and healthy recruiting gains," said Grubb CEO Mark Rose in his last earnings statement. "We intend to take advantage of the strong market conditions to invest capital and human resources in positioning our business for long- term growth. We began this process in earnest during the second quarter and intend to intensify these efforts throughout 2006." Grubb spokespeople would not comment on the departure of the Shannon crew.

CBRE's net Q4 income rose to $95.4 million, or $1.24 per diluted share, compared with net income of $66.4 million, or 88 cents per diluted share in the fourth quarter of 2004. Revenue for the fourth quarter climbed to $956 million from $798.2 million. For the full year, the company earned net income of $217.3 million, or $2.84 per share, compared with $64.7 million, or 91 cents, for 2004.