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DALLAS-Today’s press release ends weeks of speculation, with Insignia/ESG announcing the buyout of the 16-broker Baker Commercial Realty Inc. in Irving.

The possible takeover has dominated brokers’ circles for weeks. Phil Baker, president, has been named executive director of Insignia/ESG’s Dallas office. He will have overall responsibility for tenant representation and property services.

Baker Commercial Realty has its foundation in Las Colinas, a Dallas-Ft. Worth cornerstone for corporate offices and headquarters. The firm was founded in 1992.

The takeover is sure to step up the heat in the jockeying for lead corporate accounts. Baker’s client roster has included such high-profile players as Bell Financial, Carrington Labs, Granite Properties, GE Capital, Crow Family Holdings, General Growth Properties.

“The acquisition of Baker Commercial Realty gives us a strong competitive position in the fourth-largest office market in the nation and the largest in the Southwest,” says Andrew L. Farkas, Insignia Financial Group chairman and CEO.

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