CB Richard Ellis Group Inc. (CBG), the world’s largest commercial real estate firm, has decided to consolidate its operations in Uptown Dallas and bring its development and acquisitions divisions under a single roof.
The company is currently in the final stages of negotiation to lease about 90,000 square feet of space at 2100 McKinney, a 375,000 square feet office building on McKinney Avenue in Dallas. With the lease, the property would have 75% occupancy.
According to sources familiar with the deal, CB Richard is expected to vacate about 40,000 square feet at Lincoln Centre along LBJ Freeway and about 40,000 square feet at 2100 Ross Avenue in downtown Dallas. Trammell Crow Co., an independently operated subsidiary of CB Richard, is also expected to vacate about 20,000 square feet at Trammell Crow Center at 2001 Ross Avenue.
The consolidation is expected to improve communication and collaboration among the various job functions. The strategic move is also expected to change the workplace dynamics and result in a corporate synergy, unifying the culture of the company and enabling the employees to work cohesively as a team.
CB Richard is a commercial real estate services firm with full-service operations in metropolitan areas worldwide. The company offers a range of services to occupiers, owners, lenders and investors in office, retail, industrial, multi-family and other types of commercial real estate assets globally under the CB Richard Ellis brand and provides development services under the Trammell Crow brand.
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