CBRE Group explained

CBRE Group, Inc.
Type:	Public
Industry:	Real estate
Founded:	(as Tucker, Lynch & Coldwell)
Hq Location City:	Dallas, Texas
Hq Location Country:	U.S.
Num Locations:	500+
Num Locations Year:	2022
Area Served:	Worldwide
Key People:	Bob Sulentic (chairman and CEO)
Services:	Commercial real estate services and investment
Revenue Year:	2022
Income Year:	2022
Net Income Year:	2022
Assets Year:	2022
Equity Year:	2022
Num Employees:	44,000
Num Employees Year:	2022
Footnotes:	^[1]

CBRE Group, Inc. is an American commercial real estate services and investment firm.^[2] The abbreviation CBRE stands for Coldwell Banker Richard Ellis. It is the world's largest commercial real estate services and investment firm (based on 2022 revenue).^{[3] [4] [5]}

The firm is ranked 135th on the Fortune 500 and has been included in the Fortune 500 every year since 2008.^[6] CBRE serves more than 95+ of the top 100 companies on the Fortune 100.^[7] It is one of the "Big 4" commercial real estate services companies, alongside Cushman & Wakefield, Colliers and JLL.^[8]

Services

CBRE provides services to both occupiers of and investors in real estate. For occupiers, CBRE provide facilities management, project management, transaction (both property sales and leasing) and consulting services and valuation among others. For investors, CBRE provide capital markets (property sales, commercial mortgage brokerage, loan origination and servicing), property leasing, investment management, property management, valuation and development services, among others.

History

• In 1906, Tucker, Lynch & Coldwell, the earliest predecessor to CBRE, was established.
• In 1913, the company added Benjamin Arthur Banker as a partner, and it changed its name in 1918 to Coldwell, Kern & Banker. In 1919, the name became Coldwell, Kern, Cornwall & Banker, and in 1920, Coldwell, Cornwall & Banker. Cornwall retired in 1940, and the company name changed again to Coldwell, Banker & Company, which was shortened to Coldwell Banker in 1974.^{[9] [10]}
• In 1981, Coldwell Banker was acquired by Sears.^[11]
• In 1989, Sears sold Coldwell Banker's commercial unit to a management-led buyout group including The Carlyle Group for approximately $300 million.^{[12] [13] [14]} After the buyout, the company was renamed CB Commercial Real Estate Group.^[15] The residential group retained the Coldwell Banker name.
• In 1996, the company became a public company via an initial public offering, raising approximately $80 million.^[16]
• In 1997, the company acquired Koll Real Estate Services for $145 million.^{[17] [18]}
• In 1998, CB Commercial merged with Richard Ellis International and changed its name to CB Richard Ellis (CBRE).^[19] It also purchased UK firm Hillier Parker which was rebranded CB Hillier Parker.^[20]
• In 2001, CBRE was acquired in a leveraged buyout by an investment group led by Blum Capital for $800 million.^[21]
• In 2003, the company acquired Insignia Financial Group for $415 million.^{[22] [23]}
• In 2004, CBRE once again became a public company via an initial public offering.^[24]
• In 2006, the company's shares were added to the S&P 500 Index.^[25]
• In 2006, the company acquired Trammell Crow Company for $2.2 billion.^{[26] [27]}
• In 2011, the company acquired the real estate investment business of ING Group for $940 million.^[28]
• In 2011, the company changed its name to CBRE Group Inc.^[29]
• In 2013, the company acquired Norland Managed Services, a facilities, energy and project management provider in the United Kingdom and Ireland.^[30]
• In 2015, the company acquired Global Workplace Solutions from Johnson Controls.^[31]
• In 2018, the company acquired FacilitySource.^[32]
• In 2019, the company acquired the London developer Telford Homes.
• In 2020, the company headquarters were relocated from Los Angeles to Dallas, Texas.^[33]
• In 2021, CBRE Group Inc paid £960 million for a 60% stake in the UK multidisciplinary professional services firm Turner & Townsend.^[34] In June 2024, CBRE announced plans to merge its project management businesses into Turner & Townsend, creating a $3bn business employing over 2,000 staff in 60 countries. CBRE will also increase its T&T ownership stake to 70%.^[35]

Notes and References

1. Web site: CBRE Group, Inc. 2021 Form 10-K Annual Report . . 1 March 2022.
2. Web site: CBRE lancia anche in Italia i servizi di progettazione di interni – By Internews . 2024-04-05 . it-IT.
3. Web site: World's biggest real estate firm gets bigger. 2018-09-12. Real Estate Weekly. en-US. 2019-07-16. 2019-07-16. https://web.archive.org/web/20190716160333/https://rew-online.com/2018/09/worlds-biggest-real-estate-firm-gets-bigger/. dead.
4. Web site: CBRE - The World's Largest Commercial Real Estate Services Firm. 2018-11-11. Innovation Hub USA. en-US. 2019-07-16. 2019-07-16. https://web.archive.org/web/20190716160334/https://www.innovationhubusa.com/cbre/. dead.
5. Web site: The Largest Commercial Real Estate Brokerages in the U.S.. CarletonSheets. 2019-07-16. 2023-02-13. https://web.archive.org/web/20230213081627/https://www.carletonsheets.com/resources/articles/commercial-properties/evaluating-properties/the-largest-commercial-real-estate-brokerages-in-the-u.s.html. dead.
6. Web site: CBRE Group. Fortune. en. 2020-05-26.
7. Web site: "Annual Report 2018" pg7 . 2019-07-08 . 2021-05-10 . https://web.archive.org/web/20210510192733/https://s22.q4cdn.com/564468338/files/doc_financials/annual/2018/CBRE-2018-Annual-Report.pdf . dead .
8. Web site: Barrett . Greg . 2017-04-18 . The "Big 4" of Commercial Real Estate . 2023-03-12 . CREentrepreneur . en.
9. Web site: About Coldwell Banker Real Estate. www.Ethel Curbow. 2019-07-09. https://web.archive.org/web/20181028172107/http://www.ethelcurbow.com/Coldwell-Banker-Real-Estate. 2018-10-28. dead.
10. Web site: History of CB Richard Ellis Group, Inc. FundingUniverse. 2019-07-09.
11. News: Sears to Acquire Coldwell, Banker Real Estate Firm . James L. . Rowe Jr. . . October 6, 1981.
12. Web site: SEARS AGREES TO SELL COLDWELL COMPANY. Daily Press. 28 March 1989 . en-US. 2019-07-09.
13. News: Sears OKs Deal to Sell Coldwell Commercial Unit. 1989-03-28. Los Angeles Times. 2019-07-09. en-US. 0458-3035.
14. Web site: SEARS' COLDWELL BRINGS $300 MILLION. Rudd. David C.. Chicago Tribune. 28 March 1989 . en-US. 2019-07-09.
15. News: CB Commercial contemplates IPO. Feuerstein. Adam. . September 29, 1996.
16. Web site: FOR THE RECORD IPO PAY WILL BACK LASALLE GROWTH PLAY. 1997-07-12. Crain's Chicago Business. en. 2019-07-09.
17. News: CB Commercial to Buy Koll Real Estate Services in $145-Million Deal . JAMES S. . GRANELLI . MELINDA . FULMER . . March 19, 1997.
18. News: CB Commercial to acquire California's Koll Real Estate . . March 19, 1997.
19. https://www.nytimes.com/1998/07/09/business/company-news-cb-richard-ellis-acquires-hillier-parker-for-69-million.html CB Richard Ellis acquires Hillier Parker for $69 million
20. https://www.afr.com/property/richard-ellis-in-uk-buyout-19980710-k889o Richard Ellis in UK buyout
21. News: CB Richard Ellis Agrees to Group's $750-Million Buyout . . . February 26, 2001 . subscription.
22. News: CB Richard Ellis to Buy Insignia . Roger . Vincent . . February 19, 2003 . subscription.
23. News: CB Richard Ellis acquires Insignia . Thomas A. . Corfman . . February 19, 2003 . subscription.
24. News: CB Richard Ellis Stock Offering Brings in a Total of $454.9 Million . Vincent . Roger . June 10, 2004 . . subscription.
25. News: S&P announces index changes . RUTH . MANTELL . . November 6, 2006.
26. News: CB Richard Ellis to buy major rival . Annette . Haddad . . November 1, 2006.
27. CB Richard Ellis Group, Inc. Completes Acquisition of Trammell Crow Company . . December 20, 2006.
28. News: CB Richard Ellis to buy ING real estate arm . Gilbert . Kreijger . Ilaina . Jonas . . February 15, 2011.
29. News: CB Richard Ellis Group Changes Name . Deborah . Crowe . . October 3, 2011.
30. CBRE Group, Inc. Closes Acquisition of Norland Managed Services Ltd . December 23, 2013.
31. News: CBRE closes acquisition of Johnson Controls' Global Workplace Solutions business. September 2, 2015. The Economic Times. April 27, 2019.
32. Web site: CBRE Purchases FacilitySource from Warburg Pincus for $290M . GlobeSt.com.
33. Web site: CBRE relocating headquarters to Dallas from Los Angeles, sources say. 2021-02-11. wfaa.com. 28 October 2020 . en-US.
34. News: Price . David . Turner & Townsend sells major stake to US firm in £960m deal . 27 July 2021 . Construction News. 27 July 2021.
35. News: Morby . Aaron . CBRE and T&T to combine project management arms . 25 June 2024 . Construction Enquirer . 25 June 2024.