Los Angeles–based CB Richard Ellis Group will buy Dallas–based Trammell Crow Co. in a deal worth $2.2 billion. The merger will create a real estate services giant with annual revenue of $4.4 billion.

 “With the acquisition of Insignia in 2003, we achieved preeminence in our transaction business,” said Brett White, CB Richard Ellis’ president and CEO, in a press release. “Now the acquisition of Trammell Crow Co. creates the best-in-class corporate outsourcing and institutional property management business, and further augments our transaction business.”

CB plans to keep the Trammell Crow name. Trammell Crow Company’s development and investment business will be run as a wholly owned but independently operated subsidiary.