Stephen Hubbard, chairman of CBRE UK, will retire at the end of the year, after 40 years at the business.
He will be replaced by Michael Brodtman, currently executive director, who will take up the role on 1 January.
Hubbard joined Richard Ellis in 1976 and became a partner in 1985. He has served on the UK and European management boards before being appointed to the role of UK chairman in 2014.
Following his retirement, Hubbard will continue to be involved in the property industry through various roles, including existing appointments as chairman of LXI REIT and as non-executive director of Workspace Group.
Hubbard said: “I have had an immensely fulfilling career at the firm and I am very proud to have played a part in building the amazing business CBRE has become. I wish them well for the future.”
Ciaran Bird, divisional president of UK and Ireland advisory services at CBRE, said: “Stephen has made an outstanding contribution to the ongoing success of our business during a period that has seen incredible change and growth.
“Over four decades, Stephen has been a trusted advisor to his clients, a fantastic mentor and an inspiration to many.”
Martin Samworth, group president and chief executive of advisory services for APAC and EMEA at CBRE, said: “Stephen has been an industry leader for CBRE and involved in many iconic transactions, particularly in London. He will be missed by colleagues and clients, but we wish him the very best for the future.”
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