BOSTON-CB Richard Ellis, one of the world’s largest real estate companies, made headlines recently with the news that it is seriously considering a buyout offer made by an investor group led by Blum Capital Partners LP, a private equity and strategic block investment firm. As reported in last week, the group would purchase all of CB Richard Ellis’s outstanding common stock. The proposal values the company at $740 million.

But according to Andy Hoar, president of the local CB Richard Ellis/Whittier Partners, the buyout would not affect the Boston office. “There are no contemplated changes,” Hoar tells “[A buyout] would not impact the Boston office.”

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

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

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