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CBRE Group Buys New England Joint-Venture Partner

Los Angeles-Based Brokerage Bolsters Its Business in the Northeast with Acquisition of CB Richard Ellis-N.E. Partners
September 5, 2018
CBRE/New England's headquarters offices at 33 Arch St. in Boston.



CBRE Group Inc. bought its longstanding joint venture partner in New England, CB Richard Ellis-N.E. Partners LP, as the world's largest commercial real estate services firm increases its focus on the U.S. Northeast.

CB Richard Ellis-N.E. Partners, also known as CBRE/New England, is the largest commercial real estate services firm serving Massachusetts, Maine, Vermont, New Hampshire, Rhode Island and Connecticut. Real estate firm Whittier Partners Group and CBRE Group, then known as CB Commercial Real Estate Services Group, created the joint venture in 1997.

CBRE, which is based in Los Angeles, will add the company's Boston headquarters and six other locations to its list of fully corporate-owned offices. It's the second move major move this year to bolster the global company's New England platform after a large group of professionals led by Steve Purpura moved from real estate firm Transwestern to CBRE in late February.

"Boston is a gateway city and one of the most important real estate markets in the world," said Jack Durburg, CBRE Group's global chief operating officer. "Integrating CBRE/New England officially into the CBRE business is the right move for our company, our clients and all our employees in New England."

The Boston-based team's 450 personnel will become CBRE employees immediately. The company will still be branded as CBRE/New England through the end of the year, when it will come under CBRE Group's brand.

"We felt the timing was right for this transition to better serve our clients and our employees," Andy Hoar, president and co-managing partner with CBRE/New England, said in a statement. "Joining forces with CBRE along with Steve Purpura and our new colleagues will ensure CBRE’s market leadership in the New England market for the foreseeable future."

CBRE/New England, combined with the Purpura-led team, manages more than 100 million square feet of commercial property and corporate facilities and has more than 1,200 employees, including 450 employees of the former joint venture, 100 employees from the Purpura team and 650 current CBRE Group employees in the six states. The joint venture has seven offices, including its headquarters at 33 Arch St. in Boston; Hartford and New Haven, Connecticut; Providence, Rhode Island; Portsmouth and Manchester, New Hampshire, and Portland, Maine.

CBRE Group is the world’s largest commercial real estate services and investment firm based on 2017 revenue. The company, excluding affiliates, has more than 80,000 employees and caters to real estate investors and occupiers through about 450 offices worldwide.

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