CB Richard Ellis going public again: the Los Angeles-based commercial real estate brokerage, has filed with the Securities and Exchange Commission to go public, again

San Diego Business Journal, March 22, 2004 by Mandy Jackson

CB Richard Ellis Going Public Again: The Los Angeles-based commercial real estate brokerage, has filed with the Securities and Exchange Commission to go public, again.

CB Richard Ellis was publicly traded until July 2001, when a group lead by Blum Capital Partners LP of San Francisco purchased it for $800 million.

The company expects to raise $150 million in an initial public offering and wants to be listed on the New York Stock Exchange under the symbol CBG.

CB Richard Ellis reported 2003 revenue of $1.6 billion, an increase of $459.8 million over 2002. However, the company reported a net loss of $34.7 million last year, versus $18.7 million in net income in 2002.

CB Richard Ellis purchased Insignia Finance Group Inc., headquartered in New York, for $415 million last year.

The company briefly discussed buying Northbrook, Ill.-based Grubb & Ellis in 2002, just before Grubb & Ellis closed its local office. Grubb came back to town recently through an affiliation with San Diego-based BRE Commercial.