Irvine Co. executive Ray Wirta has been named the new chairman of Los Angeles-based brokerage CBRE Group Inc.

Wirta, a former chief executive at CBRE, currently serves as president of the investment properties group at Newport Beach-based real estate owner and developer Irvine Co.

He’ll remain in that position while taking over the chairmanship at CBRE from Richard Blum, who held the role for 12 years.

Wirta had been serving as vice chairman of CBRE’s board.

The brokerage counts a market value of $9.7 billion.

“The company is in a great position and has significant opportunities ahead to build on its global leadership and create added value for clients, shareholders and employees,” Wirta said in a statement.