CB Richard Ellis CB Richard Ellis likes to say that it combines global reach with localized knowledge. Its 10,000 employees and scope of services make it the largest vertically integrated commercial real estate services firm in the world. CB Richard Ellis handles property sales and leasing, property management, corporate services, investment banking, capital markets, appraisal/valuation, research and consulting and leads the industry in revenues and transaction volume. Its 250 offices in 36 countries manage a portfolio of 340 million sq. ft. of property in the Americas and 550 million sq. ft. worldwide. Major events in 1999 included the merger of its operations in Japan with Ikoma Corp. to become that country's largest real estate services entity, and major company acquisitions in Scandinavia and Chile. New offices were opened in Venezuela, Panama and Korea, and a new CEO, Ray Wirta, was named.
Sample major transactions handled by the company last year include the sale of the 313,589 sq. ft. Xerox Center in Santa Ana, Calif., for $57 million; the acquisition for $18 million by Fifth Third Bank of the 200,000 sq. ft. One Eastwood Drive, formerly the U.S. Shoe Headquarters, in suburban Cincinnati; and the $200 million sale by Prudential Insurance Co. of America and a foreign joint venture interest of the 1.6 million sq. ft., six-building Woodfield Corporate Center in Schaumburg, Ill., to commingled pension trust funds.
Revenues for CB Richard Ellis in 1999 were $1.2 billion, a 17% gain over 1998 revenues. While full-year 1999 EBITDA was $117 million, down 8% from 1998's $127 million, transaction management revenue increased 24% and 16% in the December 1999 quarter and 1999 full-year results, respectively, compared to 1998's results.
John Nugent, managing director, accepted the award on behalf of CB Richard Ellis.