Pending a successful resolution of conditions required of such a transaction, the merged operations would be run by BT Commercial partner Michael Kamm and CBRE's Oakland-based Senior Managing Director Michael Smith. CBRE Senior Managing Director Al Gianini would continue to be responsible for the Sacramento region.
While Smith was not immediately available for comment Wednesday afternoon, Kamm tells GlobeSt.com he is not selling the company and no cash would change hands in the deal. He describes the merger as a joint venture partnership that makes sense for both firms on strategic grounds.
"Both firms have objectives that in an independent state we can continue to progress toward but which would be achieved relatively quickly through this arrangement," says Kamm. "It would create a level of service and coverage that no other firm in the market could match."
With regard to how his brokers feel about the situation, Kamm says "the initial reaction is often one of concern and reluctance to get into an office situation with an entity that has been very competitive with you, but as people become familiar with the joint venture and one another there's a real possibility they will view it as a significant benefit. Our hope is that all our agents want to stay with us."
Kamm acknowledges that there is some overlap between the two operations, but says it doesn't feel excessive. "We will evaluate each office independently," says Kamm.
BT Commercial Real Estate is one of the largest full-service brokerages in Northern California with over 150 agents in nine offices. Los Angeles-based CB Richard Ellis is an international real estate services company with six offices in the Greater San Francisco area.
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