Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.