CB Richard Ellis Group Inc. acquired control of its Japanese affiliate to take advantage of the recovering Tokyo property market.
Los Angeles-based CB Richard Ellis would not disclose the purchase price for IKOMA. The company increased its interest to 51% from 20%.
IKOMA is the largest provider of commercial real estate services in Japan. CB Richard Ellis said it planned to use the company as a base for expanding in Asia.
In 2004, IKOMA completed leasing and investment transactions valued at about $885 million and managed more than 9 million square feet of properties.
