But according to Andy Hoar, president of the local CB Richard Ellis/Whittier Partners, the buyout would not affect the Boston office. "There are no contemplated changes," Hoar tells GlobeSt.com. "[A buyout] would not impact the Boston office."

The investor group, which is largely comprised of executives at CB Richard Ellis as welll as Blum Partners, currently owns 38% of the company's outstanding common stock. According to the proposal, the group intends to offer employees of CB Richard Ellis an opportunity to be equity investors in the company.

A special committee of the board of directors at CB Richard Ellis has been formed with the authority to accept or reject the proposal and to consider alternatives for the company. The committee has retained a financial advisor and a legal advisor to help evaluate the proposal. The proposal is subject to approval by CB Richard Ellis board of directors and stockholders.