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PHOENIX-CB Richard Ellis has ceded the majority interest in its Tucson operations to the office’s top producers and executives, but will retain a stake through a joint venture with the new owners.

Tucson is Arizona’s second-largest city, behind Phoenix. The new joint-venture arrangement is part of CB Richard Ellis’ Partners Program.

“CB Richard Ellis has created a wonderful opportunity for the local production team to own a majority interest in this office and, therefore, control its future,” says Tim Prouty, who will serve as the firm’s president and CEO.

Strong ties to the Phoenix office of CB Richard Ellis will be maintained as two local executives, Greg Coxon and George Kallis, will sit on the board of CB Richard Ellis-Tucson LLC.

Prouty says the next step will be to staff the JV operation. CB Richard Ellis has had a presence in Tucson for more than 30 years.

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