Los Angeles, March 5, 2009 – In one of the most significant global corporate real estate outsourcing contracts awarded in recent years, CB Richard Ellis Group, Inc (NYSE: CBG), or CBRE, announced today that it has been selected by Nokia (NYSE: NOK), the world's largest manufacturer of mobile phones, as its exclusive global strategic real estate advisor. The services that will be provided include transaction management, brokerage and lease administration. The agreement will cover Nokia's 20 million square foot global portfolio, encompassing over 380 properties in 60 countries across Europe, the Middle East, Africa, Asia and the Americas.
CBRE was selected by Nokia after a formal evaluation process conducted over the past half year. Recognized as one of the most innovative corporations in the world, Nokia is also well known within the real estate industry for its highly adaptive real estate portfolio and strong commitment to environmental sustainability.
Colin King, Global Real Estate Director at Nokia, said: "We are very excited about our new partnership with CB Richard Ellis’ Global Corporate Services team and look forward to working together to leverage dynamic real estate market conditions over the coming years. Their clear commitment to collaboration throughout the process, coupled with the strength and depth of their global network, was a significant differentiator for Nokia."
Matt Pullen, Head of CBRE Global Corporate Services, EMEA, said: "We are absolutely thrilled to have the opportunity to partner with Nokia in support of the development and delivery of the next generation of their corporate real estate strategy. Ensuring agile integration between a flexible real estate strategy and dynamic field execution will be paramount to success in the coming years. We believe Nokia’s approach to real estate will continue to set industry benchmarks through the unique integration of collaboration, innovation and customer engagement." CB Richard Ellis Press Release
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The Company has more than 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company and Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com.
Recognized as one of the most innovative corporations in the world, Nokia is also well known within the real estate industry for structuring a highly adaptive real estate portfolios with a strong commitment to environmental sustainability.With global headquarters in Espo, Finland, over €51 billion in annual sales for 2007, today Nokia employ over 110,000 people throughout the world. Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. Nokia make a wide range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more.