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HOUSTON-Will Penland, managing director with the Houston office of CB Richard Ellis Group Inc., will retire from his position on March 31 following a more than 30-year tenure with the real estate company. Penland’s news comes one day after the merger between CB Richard Ellis, headquartered in Los Angeles and Dallas-based Trammell Crow Co. became official.

“We’d been discussing the possibility of my retirement for about a year, then when the TCC merger came about. Once everything came into focus with it, it cleared up a timeline and who a successor would be,” Penland tells GlobeSt.com. Penland’s successor will be John Holland, current senior managing director with TCC’s Houston operations.

“John’s been with TCC for 20 years and was manager of a very successful operation for a number of those years,” Penland explains. “He’s a perfect guy to step in.”

Penland joined CB Richard Ellis’ Dallas office in 1971, and six years later relocated to Houston to establish the company’s CBD office. He was appointed area director in 1990, then in the years following, senior managing director, where he oversaw day-to-day operations and asset management for the company.

Penland has served on and led boards of industry and civic groups including Urban Land Institute, National Association of Industrial and Office Properties; Real Estate Committee for the Greater Houston Partnership and Houston Downtown District.

Penland says he doesn’t have specific plans for retirement, other than taking each day as it comes. “I haven’t made any plans or future decisions,” he acknowledges. “I’ll get active again in the industry, but at the moment, I don’t know doing what.”

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