Insignia Richard Ellis, originally founded in London during the 18th century, has agreed to pay around $32 million in cash for the French agent with the balance spread over the next three years depending on performance.

Since Insignia took over, the agency has been able to complete some high profile acquisitions which have included, St Quintin, a long-established City of London surveyor which helped Richard Ellis beef up its profile in the Square Mile. The group said that the Bourdais acquisition fits its strategy of having the leading position in all the key European business centres.

Bourdais, which was founded in 1954, has 350 staff and operates out of eight offices -- five in Paris and others in Aix, Marseille and Lyon. The firm claims to have a 20% share of the French office leasing and corporate occupier market. Insignia Chairman Andrew Farkas said: 'In the past five years we've grown to achieve primacy in both New York and London. Paris is next on the list.' The deal is expected to complete within the next few weeks.