CBRE Announces Plans After Split From Virginia Affiliate

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Los Angeles-based CBRE has announced plans to open new offices in Virginia after its split from affiliate CB Richard Ellis of Virginia becomes official on January 1.

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“Virginia is a key growth market for us and a linchpin in our strategy,” Kyle Schoppmann, a CBRE executive managing director, said in a prepared statement. “We intend to build a full-service offering across all business lines in every part of the state.”

The news comes two months after CBRE announced it would end its franchise model in Virginia and bring branches under its wholly-owned business, which has more than 600 professionals throughout the state.

Worldwide, the firm employs more than 80,000 people who offer integrated services such as project, property and investment management, appraisal and valuation, property leasing and property sales.

Longtime CBRE executive Jim Reid will oversee development of CBRE’s business in Virginia, including leading the process to identify a market leader and recruiting brokers who specialize in leasing, property management and capital markets.

“Our highly regarded brand and the strength and breadth of our business lines nationally and globally provide distinct advantages for investors and occupiers active in Virginia,” Reid said in a prepared statement, adding that CBRE has operated in Virginia for nearly 40 years.