Has anyone heard anything else about this?

CB Richard Ellis to Manage Seized Bank Properties
By DEBORAH CROWE - 11/28/2008
Los Angeles Business Journal Staff

CB Richard Ellis Group Inc. said it has been selected to advise the Federal Deposit Insurance Corp. on the agency’s growing portfolio of real estate from failed financial institutions.

The Los Angeles real estate services company said it will be responsible for managing and marketing residential and commercial properties held by the FDIC in its role as receiver for failed financial institutions.

As a result of the financial crisis, federal regulators have taken over 22 banks so far this year, the most since 1993. The FDIC said this week that bank failures rose 46 percent in the third quarter to 171.

“CBRE is honored to have been awarded this important assignment and to have the opportunity to serve both the FDIC and the nation,” William Concannon, vice chairman of CBRE Global Corporate Services, said in a statement Wednesday.

CB Richard Ellis shares were down 52 cents, or 10 percent, to $4.53 in morning trading on the New York Stock Exchange

http://labusinessjournal.com/enews_artic...;sid=&cID=Z

Thanks for posting KeepItReal!

Does this mean that they are going to be responsible for FDIC assets on a local level (just LA County) or nationwide?

I wonder how many assets fall under the FDIC as a result of the take over and in which area?

Matter of fact...my real question is how can I get a piece of THAT action...lol...

IMHO. With 959 licensed salespersons under their wings, there's probably slim to none chance of getting even a small piece of the pie.

Funny, I think we have all the same questions!

They might just serve as an asset company for the FDIC.

I hope so...

It would be a shame if they were going to handle all of the listings that are coming down the pike. CBRE is strictly commercial here and some of the agents dabble in residential.

I've been hunting for details... so far no solid leads.

Looks like another "bail out" to me.

Their profits were down 65% reported earlier this month.

....The rough real estate market may have the effect of driving some of CB Richard Ellis' competitors out of business in the months ahead, Silvers (Bricks & Mortar) said. "When the world economy turns around, CB will come out of this stronger," he said.

Isn't that nice-- the FDIC helping this company out? Maybe that will hasten the death of their competitors, too!

Yes commercial companies such as Jones-lang-lasalle,cb richard ellis,cushman and wakefield,grubbs and ellis,etc. are all big boys.


Usually big corporate clients such as the FDIC look for big corporations to help with disposition.

As a small indpendant commercial firm I usually don't land the big commercial accounts.

However there is plenty of business to go around.Usually the areas I work I have more connections and intimate knowledge than the big boys do.They are more spread out and not as psecialized as me.

Big corporate clients tend to go to all-in-one shops where property management,sales,exchanges,etc. are all offered to handle all there business needs.

Commercial companies that are big are getting hammered right now because there closing volume is down with the tight commercial credit markets but there costs and business models remain the same.

Smaller companies such as mine thrive in this type of environment as bigger deals are harder to deal but smaller deals are happening more from special interest groups.

I hear you, I'm a realist. I may not like what's real, though. I had the chance a couple of times to join the "big boys", but my sense of "freedom" and independence was so great that I made great big mistakes in hindsight! I have my freedom and independence, but gee whiz, I can't seem to take that to the bank...

However, there are wheels within wheels such as letting Lehman die. It was curious that all the deciders were former Goldman-Sachs or Bear Stearns guys. I'd probably win a bet (a small one because my freedom and independence doesn't allow for much cash outlay) that this is probably a similarly-reached decision.