REAL ESTATE
Name Change: Koll Management Services Inc., the property management division of Koll Co., has changed its name to just plain Koll.
Formerly a publicly traded unit of the Newport Beach developer, Koll will become a privately owned real estate services company in mid-November, when Freeman Spogli & Co., a Los Angeles investment firm, completes its purchase of nearly 50% of the company.
Under the plan, announced in June, company founder Don Koll will sell about 14% of the 64% stake he has in the company, and public investors will sell their 36% stake to Freeman. The company’s stock will be taken off the Nasdaq market.
Koll went public in July, 1991, with an offering of 1.1 million shares priced at $10 apiece.
Separately, Koll recently signed a contract to manage The Tower at Shoreline Square, a 366,165-square-foot building in Long Beach.
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