WRAPUP 1-US commercial property services cos rebound in 2nd qtr

* CB Richard Ellis Q2 EPS $0.18 vs. Street view $0.09

* Jones Lang LaSalle Q2 EPS $0.83 vs. Street view $0.58

* CB Richard Ellis shares up 5.5 pct after hours

* Jones Lang shares unchanged after hours

By Ilaina Jonas

NEW YORK, July 27 (Reuters) - Two of the world's largest commercial real estate services firms reported sharply improved earnings on Tuesday, fueled chiefly by a pickup in building sales and leasing, particularly in the United States.

U.S. commercial real estate has been struggling since it began to weaken in late 2007, with activity falling precipitously last year. That hurt commercial real estate firms such as Jones Lang LaSalle Inc (JLL.N) and CB Richard Ellis Group (CBG.N), which rely heavily on sales and leasing commissions.

However, during the second quarter, sales of investment-grade U.S. commercial real estate rose 32 percent over the first quarter to $20.6 billion, according to preliminary data by real estate research firm Real Capital Analytics, which measures sales greater than $5 million.

"In the U.S., we saw a very strong pickup in property sales and leasing, reflecting recovering market conditions," Brett White, CB Richard Ellis chief executive, said in a statement.

His company posted a second-quarter profit $54.8 million, or 17 cents a share, compared with a loss of $6.6 million, or 2 cents per share, a year ago.

Excluding one-time charges related to acquisitions, severance, space consolidations, and impairments, the Los Angeles-based company earned $58.8 million, or 18 cents per share, exceeding analysts' average expectation of 9 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 23 percent to $1.2 billion in the second quarter. Revenue from the Americas region, which includes the United States, Canada and Latin America, rose 20 percent to $722.3 million.

Rival Jones Lang LaSalle reported a second-quarter profit of $32 million, or 72 cents per share compared with a net loss of $14 million, or 40 cents per share in the second quarter 2009.

Excluding restructuring and other charges, the company's income was $37 million, or 83 cents per share, versus analysts' average forecast of 58 cents per share, according to according to Thomson Reuters I/B/E/S, and $11 million, or 30 cents per share, a year earlier.

Chicago-based Jones Lang LaSalle said its revenue rose 18 percent to $680.3 million. In the Americas, second-quarter revenue rose 18 percent to $296 million.

"Business prospects for the year remain good, and we are moving forward with confidence while watching market and economic dynamics," Colin Dyer, Jones Lang LaSalle chief executive, said in a statement.

Both companies reported after the stock market's close. CB Richard Ellis shares closed at $15.41 and rose 5.5 percent to $16.25 after-hours. Jones Lang LaSalle shares closed at $74.67 on the Big Board and were unchanged in after-hours trade.

(Reporting by Ilaina Jonas; Editing by Phil Berlowitz)