CB Commercial Announces Key Corporate Developments.LOS ANGELES--(BUSINESS WIRE)--Nov. 3, 1997-- -- Adds 30 Million Square Feet to Corporate Facilities Management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. Portfolio -- Completed Joint Venture Expands Market Presence in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. -- Trading of Company Shares Shifting to NYSE NYSE See: New York Stock Exchange CB Commercial Real Estate Services Group Inc. (Nasdaq:CBCG CBCG Capacity Building Coordination Group ), the world's leading commercial real estate services provider, Monday announced that the firm has added 30 million square feet of corporate facilities to its management services portfolio. This includes new and expanded assignments for clients such as Columbus, Ohio-based Banc One Corp. and Benton Harbor Benton Harbor, city (1990 pop. 12,818), Berrien co., SW Mich., on Lake Michigan at the mouth of the St. Joseph River opposite St. Joseph; inc. 1869. A long-time fruit industry, tourist, and industrial center, noted for appliance manufacturing, the city declined in , Mich.-based Whirlpool. "With leading corporations increasingly focused on their core competencies, the outsourcing of non-core activities, such as real estate services, continues to offer CB Commercial significant opportunities for growth and expansion," said Gary J. Beban, president of CB Commercial's Corporate Services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. division. "We are pleased to be helping our clients enhance their productivity, efficiency and bottom lines through best-of-class facilities management and real estate process management practices." In August, CB Commercial merged with Koll Real Estate Services, a leader in the corporate facilities management segment. The combined firm manages a total facilities portfolio of 85 million square feet and a total property portfolio of 200 million square feet for a range of corporate, institutional and government clients. Joint Venture Expands Presence in New England Region CB Commercial also announced the completion of a joint venture that catapults the company into a market-leading position in New England. The newly formed entity, CB Commercial/Whittier Partners LP ("CBC/Whittier"), is owned 50/50 by founders CB Commercial and Whittier Partners Group. With principal offices in Boston, and Hartford and New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn., CBC/Whittier provides a full range of commercial real estate services, including corporate services, property sales, leasing, management and appraisal services, throughout New England. Commenting on the new joint venture and the company's overall growth plans, CB Commercial Chairman and Chief Executive Officer James J. Didion said, "CB Commercial continues to pursue a global growth strategy of mergers, acquisitions and strategic investments to further enhance our ability to provide quality, vertically integrated commercial real estate services across multiple geographic markets. "Corporate and institutional clients increasingly demand this kind of service, and we're responding head-on." CBC/Whittier further enhances the company's industry-leading market position in terms of revenues, transaction volume, owned-and-operated offices and employees. CB Commercial Moving Stock Listing to NYSE Beginning this Friday, Nov. 7, CB Commercial stock will be traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , with a new ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors , "CBG CBG corticosteroid-binding globulin. ." "The New York Stock Exchange is the oldest and most well-known equities market in the country, and it's the best capitalized market in the world," Didion said. "The exchange offers CB Commercial efficient access to capital, the opportunity to significantly expand and diversify our shareholder base and greater worldwide visibility. This is an exciting move for the company as we continue to grow on all fronts." The company's market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. has more than doubled since CB Commercial, now traded on Nasdaq, went public in November 1996. The total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of CB Commercial now exceeds $1 billion. Founded in 1906, CB Commercial is America's leading and largest commercial real estate services firm and a global leader in business real estate services. With 6,400 employees and through global strategic alliances, the company serves real estate users, owners and investors in more than 200 cities in 35 countries. Services include commercial property sales and leasing, property management, corporate advisory and facilities management services, mortgage banking, realty advisory and investment management, capital markets, appraisal services, financial analysis, market research and human resources. CB Commercial Real Estate Services Group Inc. had 1996 revenues of $583 million. For more information on CB Commercial (via facsimile and at no cost), call 800/PRO-INFO and dial client code "CBCG." If you are calling from outside the United States, dial 908/544-2850. -0- Note: This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events. CONTACT: CB Commercial, Los Angeles Cary Brazeman, 213/613-3227 or Financial Relations Board Karen Taylor, 310/442-0599 (General information) Stephanie Mishra, 415/986-1591 (Investor/analyst contact) |
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