CBRE acquires WI leader.

CB Richard Ellis Group, Inc. has acquired The Polacheck Company, a leading full-service commercial real estate services firm in Wisconsin, for approximately $20 million.

Founded in 1954, Polacheck has long been a leader in Southeast Wisconsin commercial real estate, with offices in Milwaukee, Madison and Appleton-Green Bay (Fox Valley). Polacheck employs a staff of 117 people in three offices, operating as The Polacheck Co., Inc., (brokerage) and The Polacheck Property Management Corp. The firm has served as CB Richard Ellis' affiliate in Wisconsin for approximately 10 years. The acquisition reflects CB Richard Ellis' strategy of purchasing affiliate companies in order to extend the Company's presence in key markets across the United States.

"Polacheck is a perfect cultural and strategic fit for us," said Jim Reid, president of the Eastern Division for CB Richard Ellis. "We are intimately familiar with the firm's leadership and its professionals as a result of our longtime collaboration. They share our values, vision and commitment to keeping our clients' interests our most important priority. We could not have a better firm carrying the CB Richard Ellis mantle in Milwaukee and throughout Wisconsin."

In its most recent fiscal year, Polacheck completed sales and leasing transactions valued at approximately $600 million, and managed 7 million square feet of commercial property. It is Milwaukee's largest commercial real estate brokerage as well as its largest office and retail property management company, according to the Milwaukee Business Journal. Polacheck is a regional leader in office, industrial and retail brokerage, and also offers corporate services, facilities management and investment brokerage services.

Polacheck will immediately adopt the CB Richard Ellis brand, and its president, Max Rasansky, will lead CB Richard Ellis' Wisconsin operations, as managing director.