CB Richard Ellis Plans Stock Buyback

Los Angeles-based real estate giant CB Richard Ellis said it plans to buy back up to $10 million of its 20.7 million shares of outstanding common stock through the end of the year. “We believe our stock is meaningfully undervalued. This purchase represents an excellent investment,” company spokesman Cary Brazeman said. It will fund the purchases with cash and borrowing on the company’s credit line. CB Richard Ellis’ services include property management, leasing brokerage and other advisory work. CB shares closed up 6 cents at $13 on the New York Stock Exchange. They have plunged 68% from their 52-week high of $40.50 in April.