According to CB Richard Ellis' website, Witra was named vice chairman in June 2005 for a two-year period. Before assuming that position he was the CEO of CBRE for six years, and the COO for a year prior to that. He originally joined the firm in 1997 when CBRE acquired Koll Real Estate Services.

"We want to thank Keith for his valuable contributions in helping to create and launch the company, and completing our initial pubic offering," Wirta says, in a release. "However, the board has decided that, at this time, the company will benefit from an infusion of new leadership to implement our business plan going forward. Our parting with Keith is amicable and we wish him well in the future."

Wirta says CB Richard Ellis, which is the main shareholder of CBRE Realty Finance, supports the company's decision. Also, the firm will "no longer pursue equity real estate investments through joint ventures, and will concentrate solely on the fixed-income arena, where it continues to see attractive opportunities," according to the release. Equity real estate investments make up 19% of CBRE Realty Finance's equity for a total of $76 million.

"We have confidence in our business model, and in our ability to build shareholder value through a disciplined investment strategy, complemented by our CBRE|Melody affiliation. These strengths provide a solid foundation on which we can compete in our markets and produce results consistent with the expectations we created at our IPO," Wirta says.