CBRE Group, Inc. Acquires Commercial Real Estate Services Businesses from Resource Real Estate Partners and TPA Realty Services, Enhancing Its Service Offering in the Southeast
LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYS: CBG) today announced the acquisition of the commercial real estate services businesses of Atlanta-based Resource Real Estate Partners, LLC and TPA Realty Services, LLC ("RREP/TPA"). This acquisition significantly enhances the Company's service offerings to clients in the metro Atlanta region.
The acquisition will add more than 13 million sq. ft. of office and industrial assets to CBRE's Atlanta property management portfolio as well as key leasing and investment sales professionals who serve clients throughout the region. The development operations of RREP/TPA were not included in the acquisition.
"This transaction nicely complements our capabilities in Atlanta and further strengthens our market-leading position in the region," said John Ferguson, Executive Managing Director for CBRE's Southeast Region. "In particular, through this acquisition, we have significantly enhanced our service offerings in the northeast Atlanta submarket, where we see opportunities to drive even further growth."
The approximately 70 employees from the RREP/TPA businesses will be integrated into CBRE's existing offices in the Atlanta region. These professionals include office and industrial leasing and sales brokers, property managers, building engineers and support staff.
"This transaction allows us to return to and focus more aggressively on our core principal business while ensuring that our clients and professionals benefit from the industry's best services platform," said Brad Smith, Managing Principal of RREP/TPA.
About CBRE Group, Inc.
CBRE Group, Inc. (NYS: CBG) , a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
"Safe Harbor" Statement Under the U.S. Private Securities Litigation Reform Act of 1995
Certain of the statements in this release regarding the acquisition of the commercial real estate services business of Resource Real Estate Partners, LLC and TPA Realty Services, LLC that do not concern purely historical data are forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate the commercial real estate services business of Resource Real Estate Partners and TPA Realty Services with CBRE's existing operations in the Atlanta market, as well as other risks and uncertainties discussed in CBRE's filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE's business in general, please refer to the Company's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at firstname.lastname@example.org.
CBRE Group, Inc.
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