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CBRE Group

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CBRE Group, Inc.
Company typePublic company
IndustryReal estate
FoundedAugust 27, 1906; 118 years ago (August 27, 1906)
Headquarters
Los Angeles, California
,
U.S.
Number of locations
480 (2018)
Area served
Worldwide
Key people
  • Robert Sulentic, CEO[1]: 129 
  • Jack Durburg, Global Chief Operating Officer
  • James Groch, CFO
  • Brandon Boze, Chairman
ProductsCommercial real estate services and investment
RevenueIncrease US$21.340 billion (2018)
Increase US$1.088 billion (2018)
Increase US$1.063 billion (2018)
Total assetsIncrease US$13.457 billion (2018)
Total equityIncrease US$5.010 billion (2018)
Number of employees
Over 100,000 (2019)
Websitewww.cbre.com
Footnotes / references
[1]
Office listed by CBRE

CBRE Group, Inc. is an American commercial real estate services and investment firm. The abbreviation CBRE stands for Coldwell Banker Richard Ellis. It is the largest commercial real estate services company in the world.[2][3][4]

The firm is ranked 128th on the Fortune 500 and has been included in the Fortune 500 every year since 2008.[5] CBRE serves more than 90 of the top 100 companies on the Fortune 100.[6]

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, 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.[6]

History

Tucker, Lynch & Coldwell, the earliest predecessor to CBRE, was established on August 27, 1906, following the 1906 San Francisco earthquake. The company added Benjamin Arthur Banker as partner in 1913 and renamed itself Coldwell, Cornwall & Banker in 1920. Cornwall resigned as partner in 1940, and the company was renamed Coldwell, Banker & Co, which was eventually shortened to Coldwell Banker.[7][8]

In 1981, Coldwell Banker was acquired by Sears.[9] In 1989, Sears sold Coldwell Banker's commercial unit to a management-led buyout group including The Carlyle Group for approximately $300 million.[10][11][12] After the buyout, the company was renamed CB Commercial Real Estate Group.[13] The residential group retained the Coldwell Banker name.[12]

In 1996, the company became a public company via an initial public offering, raising approximately $80 million.[13][14]

In 1997, the company acquired Koll Real Estate Services for $145 million.[15][16]

In 1998, CB Commercial merged with Richard Ellis International (REI) Limited and changed its name to CB Richard Ellis.[17] In 2001, CB Richard Ellis was acquired in a Leveraged buyout by an investment group led by Blum Capital in an $800 million transaction.[18]

In 2003, the company acquired Insignia Financial Group for $415 million.[19][20]

On June 10, 2004, CB Richard Ellis once again became a public company via an initial public offering.[21] In 2006, the company's shares were added to the S&P 500 Index.[22]

In December 2006, the company acquired Trammell Crow Company for $2.2 billion.[23][24]

In 2011, the company acquired the real estate investment business of ING Group for $940 million.[25]

In 2011, the company changed its name to CBRE Group Inc.[26]

In 2013 the company acquired Norland Managed Services, a facilities, energy and project management provider in the United Kingdom and Ireland.[27]

In 2015 the company acquired Global Workplace Solutions from Johnson Controls.[28]

In 2018, the company acquired FacilitySource.[29]

In 2019, the group acquired the London developer Telford Homes.

Controversies

Rigged bidding

According to a lawsuit back in 2012, CBRE violated Federal Deposit Insurance Corp (FDIC) rules by letting Florida's Stonegate Bank pay less for a branch than a consultant named Kenneth H. Thomas had bid for it.[30] However, it is unclear if the suit was followed through.

See also

References

  1. ^ a b "CBRE Group, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "World's biggest real estate firm gets bigger". Real Estate Weekly. 2018-09-12. Retrieved 2019-07-16.
  3. ^ "CBRE - The World's Largest Commercial Real Estate Services Firm". Innovation Hub USA. 2018-11-11. Retrieved 2019-07-16.
  4. ^ "The Largest Commercial Real Estate Brokerages in the U.S. | CarletonSheets.com". www.carletonsheets.com. Retrieved 2019-07-16.
  5. ^ "CBRE Group". Fortune. Retrieved 2020-05-26.
  6. ^ a b "Annual Report 2018" pg7
  7. ^ "About Coldwell Banker Real Estate | Ethel Curbow". www.ethelcurbow.com. Retrieved 2019-07-09.
  8. ^ "History of CB Richard Ellis Group, Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 2019-07-09.
  9. ^ Rowe Jr., James L. (October 6, 1981). "Sears to Acquire Coldwell, Banker Real Estate Firm". The Washington Post.
  10. ^ Press, Daily. "SEARS AGREES TO SELL COLDWELL COMPANY". dailypress.com. Retrieved 2019-07-09.
  11. ^ "Sears OKs Deal to Sell Coldwell Commercial Unit". Los Angeles Times. 1989-03-28. ISSN 0458-3035. Retrieved 2019-07-09.
  12. ^ a b Rudd, David C. "SEARS' COLDWELL BRINGS $300 MILLION". chicagotribune.com. Retrieved 2019-07-09.
  13. ^ a b Feuerstein, Adam (September 29, 1996). "CB Commercial contemplates IPO". American City Business Journals.
  14. ^ "FOR THE RECORD IPO PAY WILL BACK LASALLE GROWTH PLAY". Crain's Chicago Business. 1997-07-12. Retrieved 2019-07-09.
  15. ^ GRANELLI, JAMES S.; FULMER, MELINDA (March 19, 1997). "CB Commercial to Buy Koll Real Estate Services in $145-Million Deal". Los Angeles Times.
  16. ^ "CB Commercial to acquire California's Koll Real Estate". American City Business Journals. March 19, 1997.
  17. ^ "CB RICHARD ELLIS ACQUIRES HILLIER PARKER FOR $69 MILLION". The New York Times. Reuters. July 9, 1998.
  18. ^ "CB Richard Ellis Agrees to Group's $750-Million Buyout". Los Angeles Times. Bloomberg News. February 26, 2001.
  19. ^ Vincent, Roger (February 19, 2003). "CB Richard Ellis to Buy Insignia". Los Angeles Times.
  20. ^ Corfman, Thomas A. (February 19, 2003). "CB Richard Ellis acquires Insignia". Chicago Tribune.
  21. ^ Vincent, Roger (June 10, 2004). "CB Richard Ellis Stock Offering Brings in a Total of $454.9 Million". Los Angeles Times.
  22. ^ MANTELL, RUTH (November 6, 2006). "S&P announces index changes". MarketWatch.
  23. ^ Haddad, Annette (November 1, 2006). "CB Richard Ellis to buy major rival". Los Angeles Times.
  24. ^ "CB Richard Ellis Group, Inc. Completes Acquisition of Trammell Crow Company" (Press release). Business Wire. December 20, 2006.
  25. ^ Kreijger, Gilbert; Jonas, Ilaina (February 15, 2011). "CB Richard Ellis to buy ING real estate arm". Reuters.
  26. ^ Crowe, Deborah (October 3, 2011). "CB Richard Ellis Group Changes Name". American City Business Journals.
  27. ^ "CBRE Group, Inc. Closes Acquisition of Norland Managed Services Ltd" (Press release). December 23, 2013.
  28. ^ "CBRE Goup closes acquisition of Johnson Controls' Global Workplace Solutions business". The Economic Times. September 2, 2015. Retrieved April 27, 2019.
  29. ^ "CBRE Purchases FacilitySource from Warburg Pincus for $290M". GlobeSt.com.
  30. ^ "CBRE rigged bidding for a bank branch, fraud lawsuit alleges". Los Angeles Times. September 1, 2012. Retrieved August 2, 2019.
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