Top property firm is snapped up by rival

Jul 5 2008 by Tony McDonough, Liverpool Daily Post

ONE of the best-known names in Liverpool’s commercial property market – Irving Rice – is disappearing for good after the firm was acquired by rival CB Richard Ellis.

Irving Rice was established in 1994 by Nick Rice and Malcolm Irving, and will now become part of the CBRE global empire.

The eight-strong team will relocate from their current home in Chapel Street to the CBRE offices in nearby Castle Street.

Irving Rice is recognised for its speciality in occupier representation and agency services. CBRE says the acquisition will expand its service capability in the North West region.

The firm, which has offices across the world, says the deal will allow it to capitalise further on Merseyside’s recent economic renaissance.

Liverpool’s commercial district has expanded significantly since 2000, with 1m sq ft of new office space, and it is one of the world’s fastest-growing office markets.

CBRE is already the largest commercial real estate services provider in the city.

UK managing director Martin Samworth said: “Liverpool has become increasingly attractive to the UK business community, and Irving Rice enhances the services we can offer to occupiers and owners in the heart of the city.

“It also reinforces our ongoing commitment to providing our clients with unmatched market insight and service capability across all UK regions.”

Nick Rice said the integration into a firm as large as CBRE will benefit both the team and its existing clients.

He added: “We share a commitment to client service excellence and a passion for the significant growth opportunities that Liverpool and the entire North West region offer. We’re delighted to be part of such a strong team.”

Christine Hanson, executive director of CBRE North West, said: “Both companies’ clients will benefit enormously from our combined expertise.”

tonymcdonough