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CB Richard Ellis and BT Commercial in Discussions Regarding Merger
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01/16/2005
LOS ANGELES-- April 9, 2003--CB Richard Ellis and BT Commercial Real Estate announced today that the two companies are in discussions to merge their respective Northern California brokerage operations.
The combined entity would create the clear market leader with fourteen offices throughout Northern California.
Pending a successful resolution of conditions required of such a transaction, both firms expect to conclude the deal in June 2003.
At the close of this merger, Michael Kamm of BT Commercial and Michael Smith of CB Richard Ellis in the San Francisco Bay Area will lead the combined operations. Al Gianini of CB Richard Ellis Sacramento will be responsible the Sacramento region.
About CB Richard Ellis
Headquartered in Los Angeles, CB Richard Ellis is one of the world's leading real estate services companies. With approximately 9500 employees, the Company serves real estate owners, investors and occupiers throughout approximately 250 owned and affiliated offices in 47 countries. The Company's core services portfolio includes property sales, leasing and management, corporate services, facilities and project management, mortgage banking, investment management, capital markets, appraisal and valuation, research, and consulting. The Company reported net revenues of $1.17 billion in 2002. For more information about CB Richard Ellis, visit the Company's Web site at www.cbre.com.
About BT Commercial Real Estate
With offices in Burlingame, Monterey, Oakland, Palo Alto, San Francisco, San Jose, Salinas, San Rafael and Soquel, BT Commercial Real Estate is one of the largest full-service brokerages in Northern California with over 150 agents. BT Commercial brokers sell, and lease for a range of clients including landlords, tenants, individuals and institutions. BT Commercial, through its division, Terranomics Retail Services, also operates the largest retail brokerage firm in Northern California. www.btcommercial.com
