NEWPORT BEACH — CB Commercial Real Estate Services Group said Tuesday that it will sign a definitive agreement this week to acquire Newport Beach-based Koll Real Estate Services for $165.9 million.
The acquisition, which was announced in March, will unite the nation's largest real estate brokerage with one of the largest property managers in the country.
Chairman Donald Koll will remain a director of the combined company, which will be called CB Commercial. However, he will not hold an operating position. Instead, he will consult on "forward planning and strategic development" and oversee the operations of the other real estate entities that bear his name, including Koll Construction, Koll Resorts International and Koll Real Estate Group, said Ray Wirta, Koll chief executive.
All of the members of the Koll executive team, including Wirta and President William Rothe, will retain senior positions with CB Commercial. However, company officials say they have not determined how many of Koll's administrative staffers will be laid off when the two companies combine their operations in Los Angeles.