CBRE goes public--again.

After three years in the private sector, CBRE has returned to the public arena with a $150 million Initial Public Offering.

The company began trading its Class A common stock at $19 a share on the New York Stock Exchange last Thursday, nearly four months after filing its IPO prospectus with the Securities and Exchange Commission.

The company expects to receive net proceeds, before its out-of-pocket expense, of $138 million as a result of the offering. In a statement, CBRE said, "The company will not receive any of the proceeds from the shares sold by the selling stockholders."

Of the 24 million shares sold in the offering, 7,726,764 shares are being offered by the company and 16,273 are being offered by selling stockholders.

The offering was made through an underwriting syndicate led by Credit Suisse First Boston LLC and Citigroup Global Markets Inc., acting as joint book-running managers. JP Morgan Securities Inc., Lehman Brothers Inc., Bear, Sterns and Co. Inc., Goldman, Sachs and Co. and Merrill Lynch, Pierce Fenner and Smith Incorporated acted as co-managers.

The Los Angeles based company has bounced between the public and private sector twice in the past several years.

In 1996, it went public under the name CB Commercial then, in 2001, it was bought by a group of investors led by Richard Blum of merchant bankers, Blum Capital partners.

After merging with Insignia Financial Group of New York last year, CBRE is now an industry leader with $1.4 billion in revenue last year. Blum will continue to hold 42% of the firm.

Although CBRE continues to be in a 'quiet period' with officials unable to comment on the share offering, its prospectus indicated that it planned to use some of the money raised to pay off some of its $798.3 million debt, partly incurred by its $270 million purchase of Insignia.