LOS ANGELES–CBRE Group, Inc. today announced that it has acquired CB Richard Ellis-N.E. Partners, L.P. (CBRE/New England), a long-standing joint venture with Whittier Partners Group and the largest full-service commercial real estate services operation in New England.
The CBRE/New England leadership team and professionals will join CBRE immediately. However, the CBRE/New England brand will remain until the end of the year. This is the second move to bolster CBRE’s New England platform this year. In February 2018, a large group of top commercial real estate professionals from Transwestern, led by Steve Purpura, joined CBRE.
“We are very excited to fully integrate our market leading regional platform into CBRE, the industry’s leader in commercial real estate services. We felt the timing was right for this transition to better serve our clients and our employees. 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,” said Andy Hoar, President/Co-Managing Partner, CBRE/New England.
According to the Boston Business Journal, CBRE/New England’s operations were ranked number one in 2017, with 12.3 million square feet of leasing transactions in Massachusetts completed during 2017. The Purpura-led team that joined CBRE completed more than 9.1 million square feet of leasing transactions in the same market/period, making them the region’s third-largest commercial real estate operation for 2017.
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 1200 employees. It has seven offices throughout New England including Boston, Hartford, New Haven, Providence, Portsmouth, Manchester and Portland.
“Boston is a gateway city and one of the most important real estate markets in the world. 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. Andy Hoar, Kevin Doyle, Steve Purpura and the rest of our leadership team couldn’t be more excited about what is ahead of us. They are focused on leveraging this enhanced market-leading platform to generate exceptional outcomes for our valued New England clients,” said Jack Durburg, Global Chief Operating Officer, CBRE.