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LOS ANGELES-CB Richard Ellis has acquired the 50% outstanding shares of its joint venture company in Tucson as part of the Los Angeles-based company’s strategy of buying affiliates in markets with growth potential. The affiliate is CB Richard Ellis Tucson LLC, also known as CBRE Tucson, which has operated as a CBRE joint-venture company since 2000. It employs a total staff of 32, including 22 sales professionals, and holds the number onemarket position in Tucson.

Tim Prouty, managing director of CBRE Tucson, will continue to lead theTucson area operations and will report to Craig Henig, senior managingdirector in the Phoenix office of CB Richard Ellis. CBRE says that the arrangement will create a united operation in Arizona.

According to Steven Swerdlow, president of CBRE’s Western Division, the full ownership by CBRE will fully integrate the Tucson operation into CBRE’s global platform. He calls Tucson “an important market that is well-positioned as a location of choice for major national and international companies.” Prouty comments that the transition to a wholly owned office will be seamless, but the result will provide clients with greater access to the CB Richard Ellis global service platform.

The acquisition of the Tucson operation follows only days after CBRE bought Tempest Management Corp., a Toronto-based deliverer of project-management services. The Tempest deal, in turn, followed CBRE’s recent joint venture agreement with Vanke, a residential developer in China, to manage the latter’s portfolio.

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