25 of 30 at Insignia in Portland Make Transition to CBRE

PORTLAND-CB Richard Ellis’ top local executive Mark Fitkin tells GlobeSt.com that 25 of the 30 people that comprised Insignia’s Portland-area operation are transitioning to CB Richard Ellis. “There were some redundancies in staff, but very few,” says Fitkin.

The vast majority of those making the transition are on the property management side, which was Insignia’s strength, says Fitkin. Most of those people won’t be located at CBRE’s local headquarters in Downtown Portland’s Wells Fargo Tower; rather, they will be located at the properties they manage, as they were prior to the acquisition.

Fitkin says the acquisition of Insignia instantly bumps CBRE’s property management portfolio from around two million sf to in excess of six million sf, making one of the top three property management operations in the city. However, that figure could fall if some of Insignia’s clients decide to take their properties elsewhere, which is typically an option in an acquisition scenario such as this one, according to local property management executives. Indeed, one local executive tells GlobeSt.com that at least a couple of Insignia’s clients have put some feelers out into the local property management community.