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ORANGE COUNTY BRIEFLY

CB Commercial Purchase Made

September 03, 1997|(Dow Jones)

NEWPORT BEACH — CB Commercial Real Estate Services Group said Tuesday that it has completed its acquisition of Newport Beach-based Koll Real Estate Services, one of the nation's largest property managers, for $165.9 million.

Los Angeles-based CB Commercial, a major real estate brokerage, said its shareholders have approved the purchase.

CB Commercial said it increased the size of its board from 14 to 19 members in connection with the merger. Four of the new directors were associated with Koll, including Donald M. Koll, chairman and chief executive; Ricardo Koenigsberger, a Koll investor; Bradford M. Freeman, a director; and Ray Wirta, CB Commercial's president of financial services, who was previously chief executive of Koll.

The fifth director added by CB Commercial is Elizabeth Uttenhove, a first vice president at the commercial real estate firm.

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