CB Richard Ellis Goes to Russia

CB Richard Ellis has acquired a 51% stake in Noble Gibbons, Russia’s leading real estate services firm. Noble Gibbons has been CB Richard Ellis’ affiliate in Russia since 1995 and will now be “CB Richard Ellis Noble Gibbons.”

Bangkok, Thailand (PRWEB) April 30, 2006 -- CB Richard Ellis has acquired a 51% stake in Noble Gibbons, Russia’s leading real estate services firm.

Noble Gibbons has been CB Richard Ellis’ affiliate in Russia since 1995 and will now be “CB Richard Ellis Noble Gibbons.” Founded in 1994, the firm is based in central Moscow and has 230 employees, including 115 property and facilities management personnel located at client premises. It provides a full range of real estate advisory and management services including: property management, office, retail and industrial agency, consulting and valuation, project management, and asset investment brokerage.

Noble Gibbons completed sales and leasing transactions valued at approximately $233 million in 2005, and manages more than 240,000 square meters of commercial real estate.

“The Noble Gibbons acquisition fits perfectly with our strategy of establishing a leading position in the world’s top business capitals,” said Brett White, CB Richard Ellis’ President and Chief Executive Officer. “Moscow continues to attract significant investment capital as its economy and real estate market mature.”

CB Richard Ellis is the world’s largest commercial real estate services firm ( http://www.cbre.co.th/CBRECONTENT/ABOUT_THE_COMPANY/ABOUT_THE_COMPANY.HTM?WT.mc_id=10010 ), with global revenues of $2.9 billion in 2005. The Company was responsible for more than $150 billion of property sales and leasing transactions on a global basis in 2005, and managed more than 1.0 billion square feet of commercial property worldwide (including partner and affiliate company portfolios) as of December 31, 2005.

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