CBRE acquires Hawaiian affiliate

Real Estate Weekly, Jan 3, 2007

CB Richard Ellis Group, Inc. has acquired CBRE Hawaii, its longtime affiliate office.

CBRE Hawaii is the leading full-service commercial real estate services company in Hawaii. It was responsible for more than 440 lease and sales transactions valued at nearly $450 million in 2005 and manages almost 8 million square feet of commercial space.

CBRE Hawaii employs a staff of 111 people in four primary offices: Honolulu, Kauai, Maui and Hawaii (Big Island). Its spectrum of services includes office, retail and industrial leasing, investment property sales and property management.

CBRE Hawaii is responsible for leasing more than 30% of the Class A office buildings in downtown Honolulu and participates in some of the Island's largest asset sales, such as the Ilikai Hotel for $218 million and the Marriott-Waikiki Beach Hotel for $123 million.

The acquisition reflects CB Richard Ellis' strategy of purchasing affiliate companies in order to extend the Company's presence in key markets across the United States and around the world.

CBRE Hawaii has been a CB Richard Ellis affiliate since 2000.

"CBRE Hawaii is a perfect cultural and strategic fit for us," said William Chillingworth, president of the Western Division for CB Richard Ellis.

"We have benefited from a close collaboration with the senior leadership over many years. They share our values, vision and commitment to putting the client first, always.

"We see significant growth opportunities in Hawaii and the Pacific islands by more fully integrating the operation into our global platform, and we are particularly looking forward to aligning the local hospitality specialists with our burgeoning worldwide hotel practice."

Joseph Haas, who will lead the Hawaii operations as senior managing director, said "CB Richard Ellis is the world leader in commercial real estate, and our new status as a wholly owned operation will enable us to better tap into a wealth of resources and expertise and expand the range of services, we can

"We are very enthusiastic about this transaction, both for our clients and our professionals."