As the Crow Flies
This morning, the largest commercial real estate company in the world, CB Richard Ellis Group, Inc., issued a press release in which it announced it was acquiring Trammell Crow Company for $2.2 billion, more or less--or $49.51 per share of common stock, if you need to be precise. The Los Angeles-based company will assume Trammell Crow Company's corporate debt, as well. The deal isn't expected to be completed till the end of this year or the beginning of 2007; Trammell Crow shareholders still have to approve the deal, as do the feds.
That jumps CB Richard Ellis from a 14,500-employee company to one with more than 21,000 workers; the deal will also increase its revenues to somewhere near, oh, $4.4 billion. Also, says the release, the acquisition of Trammell Crow means CB Richard Ellis "would be the first commercial real estate services company to qualify for the FORTUNE 500 list of the largest U.S. corporations." Says CB Richard Ellis' President and CEO Brett White, "Trammell Crow Company is one of the premier service companies in our industry, with a rich history, dedicated employees and strong management, a stellar client base and core competencies that are highly complimentary to our own." If he does say so himself.
In other Trammell Crow-related news, I was at Borders the other day and noticed for the first time the Urban Land Institute's 2005 bio of The Big Man, which is titled Trammell Crow: A Legacy in Real Estate Innovation. I was gonna buy it, but $34.95 seemed kinda steep. Two-point-two billion, that's more like it. --Robert Wilonsky
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