January 10, 2011

Andrew Farkas Completed the Insignia Financial Group Deal in 2003

Former Insignia Financial Group CEO Andrew Farkas is “on to the next new thing; he’s focused on capital markets,” CB Richard Ellis CEO Ray Wirta stated. Farkas stayed on throughout the merger of Insignia Financial Group with CBRE, but decided to leave the firm completely in order to focus his attention on his entity, Island Fund. The value of the agreement approximated $431 million in comparison to the previously expected amount of $415 million.

Following the completion of the acquisition, Andrew Farkas decided to purchase all of Insignia’s real estate investment assets for about $44 million and take on an estimated $7.8 million of employment-related contractual obligations.