CB Commercial Shareholders Approve Merger with Koll Real Estate Services.LOS ANGELES--(BUSINESS WIRE)--Sept. 2, 1997-- Combined company is a global leader in delivering single-source commercial real estate services to corporate, institutional clients CB Commercial Real Estate Services Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBCG CBCG Capacity Building Coordination Group ) Tuesday announced the closing of the company's merger with Koll Real Estate Services (KRES) of Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif. The combined company, operating under the CB Commercial name and based in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , is a global leader in commercial real estate services, with market leadership positions in commercial property sales and leasing, property management, corporate advisory and 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. services, mortgage banking, and capital markets and institutional realty advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Coincident with their approval of the merger, shareholders voted to expand CB Commercial's board of directors from 14 to 19, and to elect five new directors, four of whom were associated with Koll Real Estate Services; Bradford M. Freeman, a director of KRES and a founding partner of FS&Co.; Donald M. Koll, chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and founder of the Koll Co.; Ricardo Koenigsberger, a partner in Apollo Real Estate Advisors, a KRES investor; Ray Elizabeth Uttenhove, first vice president, CB Commercial; and Ray Wirta, formerly CEO of KRES and now president, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , CB Commercial. The merger did not include several other entities bearing the Koll name, including Koll Construction, Koll Real Estate Group or Koll Resorts International. The company also announced that it closed on a $300 million, five-year revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, initially priced at LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 100 basis points, from Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . The facility was used to refinance a majority of the company's existing debt, as well as debt assumed in connection with the KRES merger. The company currently has more than $100 million available for working capital and acquisitions. Commenting on the merger closing, CB Commercial Chairman and CEO James J. Didion said: "This is an exciting time for CB Commercial -- our clients, shareholders and employees. With our enhanced services portfolio and expanded market reach, we can now deliver even more powerful single-source real estate solutions to clients on a local and global basis. "As a result of the merger, we'll also be able to leverage economies of scale, focus on further developing our corporate relationships, and be even better positioned for business opportunities arising from the increased outsourcing of real estate services by corporations and institutions. Most important, we're positioned to provide even higher levels of service to clients." The company said that virtually all merger integration planning is complete and that the combined entity should be able to "hit the ground running" with implementation after Labor Day Labor Day, holiday celebrated in the United States and Canada on the first Monday in September to honor the laborer. It was inaugurated by the Knights of Labor in 1882 and made a national holiday by the U.S. Congress in 1894. . Market Strength of the Combined Company The "new" CB Commercial has 131 principal U.S. offices and 253 principal offices worldwide, including offices of strategic alliance partners and company-owned offices abroad. The company has 6,400 employees, supported by 2,600 additional professionals internationally. The combined entity is America's leading brokerage services provider, having participated in more than 26,000 sale and lease assignments last year for a range of corporate, institutional and other clients, and having completed more than $7 billion of investment property sales. Additionally, the company is a leader in property and corporate facilities management, with a portfolio of approximately 280 million square feet. In the last 18 months, the company has originated $5 billion of commercial mortgage loans. The company's capital markets and institutional advisory businesses manage approximately $6 billion of real estate assets. The combined 1996 revenues of CB Commercial and Koll Real Estate Services were $698 million. 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 and financial analysis, and market research. Founded in 1906, CB Commercial had 1996 revenues of $583 million. CONTACT: CB Commercial Real Estate Services Group Inc., Los Angeles Cary Brazeman, 213/613-3227 |
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