Insignia/ESG, whose offices include this one at 300 Atlantic St. in Stamford, can expect to move into a new building now that its parent company, Insignia Financial Group, has been acquired by CB Richard Ellis.

After months of negotiations, shareholders have officially approved the acquisition of Insignia Financial Group by CB Richard Ellis, effectively creating the world’s largest commercial real estate entity – more than twice as large as anyone else in the market.

CB Richard Ellis marked the completion of its acquisition of Insignia Financial Group – which had been the parent company of Insignia/ESG – on Wednesday, after Insignia’s shareholders finally voted its approval.

The world’s largest real estate services company, CB Richard Ellis now has a total workforce of more than 14,000 employees, revenues exceeding $1.7 billion and more than 250 offices in 48 countries through which it provides customized solutions to its vast client base.

“Clearly the deal is about the acquisition of Insignia/ESG overall by CB [Richard Ellis], and you can probably say that this is furthering the whole trend of consolidation,” said Dean Shapiro, director of Insignia/ESG’s Stamford headquarters. “These are two complementary organizations coming together in a $400 million-plus deal. They’re both international organizations, and the aftermath is a combined operation that is far and away the largest in the world.”

He added, “This is the largest organization – two times larger than anything else in the world in terms of volume.”

On the local level, there had been two operations existing that had similar geographic parameters. Both Insignia/ESG and CB Richard Ellis had a strong presence in the Stamford area, with CB Richard Ellis also covering the Hartford area.

“We found that we’re complementary businesses and now we’re looking to draw upon the best aspects of each organization to create something new with a distinct culture,” said Shapiro. “And hopefully the new organization will be well positioned for the future.”

‘Defining Moment’

Insignia/ESG, which currently has offices at 300 Atlantic St. and 177 Broad St. in Stamford, can expect a physical move into a new building. While not entirely set in stone, Shapiro said the group would most likely move into CB Richard Ellis’ existing headquarters, which is also located at 177 Broad St.

When asked if the merger would create duplication of services, requiring streamlining of employees and departments, Shapiro answered, “We are using this as an opportunity to evaluate everything. We’re going to start with a blank sheet of paper and create an organization that’s positioned optimally in the marketplace.”

As far as the customer is concerned, Shapiro said he sees the acquisition as a wholly positive move.

“For the people that we represent I think it’s going to mean better services,” he said. “The amount and type of information that we can gather with this army that we’ve got is going to be absolutely superior to anyone else out there. Other companies can’t duplicate it. They don’t have the staff or the culture to pool information the way that we do.”

Shapiro also noted that the combined firms will have “very deep pockets” financially, and will have a lot of critical mass. That will allow the new joint firm to make major investments in areas such as technology in order to stay far ahead of the competition.

Across New England, CB Richard Ellis has 373 professionals working to service the region. CB Richard Ellis’ Andy Hoar and Kevin M. Doyle, co-managing partners, will lead the New England team, which includes specialists in the leasing, financing, sales and management of all commercial property types as well as a host of other real estate services.

“Today, we are realizing our vision for CB Richard Ellis as a company that marries unparalleled market intelligence with critical analytical thinking,” said Brett White, president of CB Richard Ellis. “This intellectual capital is supported by technology and resources that enable our people to provide expert answers and solutions to every commercial real estate issue and question.”

“We are marking a defining moment in our firm’s century-old history: its emergence as the only truly global real estate services firm with a platform built on leadership in every major local market of consequence, and a commitment to the highest degree of client satisfaction,” added Hoar of the Boston office. “In New England, we will put CB Richard Ellis’ vast and unparalleled platform to work for our individual clients and for the benefit of our community.”

In addition to its business production, CB Richard Ellis is also recognized for offering the industry’s largest proprietary research infrastructure. The firm’s research includes nearly 300 local market research professionals, complemented by the macro-analytical and forecasting capabilities of its internationally recognized Torto-Wheaton Research unit. In Boston, CB Richard Ellis produces in-depth market research on all New England submarkets.

CB Richard Ellis’ global financial strength – with tens of millions of dollars annually in free cash flow – will enable the firm to invest in training and technology, and maintain stability and service throughout all economic cycles. Boston and all New England offices will participate in all CB Richard Ellis training and technology programs, to the benefit of its professionals and its customers.

“We start out today as the leader in virtually every discipline and major market, and we are committed to expanding our market position and presence throughout New England,” said Doyle of the Boston office. “CB Richard Ellis is about more than size and scope; it is about consistent excellence in the service of every single client everywhere in the world. For us in Boston, we are delighted by our ability to put this enhanced powerhouse of resources to work for our customers.”

CB Richard Ellis is majority owned by private equity firm Blum Capital Partners, which has headquarters in San Francisco.