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CBRE Expands Reach With MW Affiliate Buy

MILWAUKEE-Los Angeles-based CB Richard Ellis Group Inc. picks up local real estate brokerage and management services firm, the Polacheck Co., for $20 million.

By Dana Dubriwny | Updated on July 05, 2006

MILWAUKEE-Los Angeles-based CB Richard Ellis Group Inc. has acquired local real estate brokerage and management services firm, the Polacheck Co., for $20 million. The deal is part of CBRE’s strategy to double in size by in the next five years by purchasing affiliate companies throughout the world.

“We have very aggressive corporate objective, and we do that in precise and focused way,” Chris Ludeman, CBRE’s US brokerage president tells GlobeSt.com. “We are in the market making firms in areas where we do not have footprint, but where we want to be.”

With offices in Milwaukee, Madison and Appleton-Green Bay, Polacheck employs a staff of 117 people, operating as the Polacheck Co. Inc., brokerage, and the Polacheck Property Management Corp. The firm has served as CB Richard Ellis’ affiliate in Wisconsin for approximately 10 years. In its most recent fiscal year, Polacheck completed sales and leasing transactions valued at approximately $600 million, and managed seven million sf of commercial property.

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