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PORTLAND-CB Richard Ellis’ top local executive Mark Fitkin tells GlobeSt.com that 25 of the 30 people that comprised Insignia’s Portland-area operation are transitioning to CB Richard Ellis. “There were some redundancies in staff, but very few,” says Fitkin.

The vast majority of those making the transition are on the property management side, which was Insignia’s strength, says Fitkin. Most of those people won’t be located at CBRE’s local headquarters in Downtown Portland’s Wells Fargo Tower; rather, they will be located at the properties they manage, as they were prior to the acquisition.

Fitkin says the acquisition of Insignia instantly bumps CBRE’s property management portfolio from around two million sf to in excess of six million sf, making one of the top three property management operations in the city. However, that figure could fall if some of Insignia’s clients decide to take their properties elsewhere, which is typically an option in an acquisition scenario such as this one, according to local property management executives. Indeed, one local executive tells GlobeSt.com that at least a couple of Insignia’s clients have put some feelers out into the local property management community.

On the brokerage side, three of Insignia’s six licensed Portland brokers — the office leasing team of Dan Swift, Lana Baldock and Coby Holley — are making the transition. Steve Klein, Insingia’s top local executive until earlier this week, as well as industrial brokers George Slevin and Jim Carver, are not joining CBRE. Klein, Slevin and Carver all have declined comment on their respective plans until later today (Thursday, July 24).

Fitkin, who declined comment on those not making the transition, says 15% of those coming over from Insignia will be located at Well Fargo Tower and, for the time being, will be located in non-contiguous space in the tower. “We are working with Wells Fargo on an expansion” that will have them in contiguous space, says Fitkin.

Not included in CBRE’s acquisition of Insignia is Insignia’s partial ownership of the 1201 Lloyd office building in close-in Northeast Portland’s Lloyd District, however, CBRE does gain the leasing assignment and the property management assignment for the 11-story, 222,500-sf office building that has remained largely empty since its completion early last year. Insignia’s ownership in the building, as well as its other investments around the country, were transferred to another entity prior CBRE’s acquisition of the company.

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