Los Angeles, November 1, 2013 – CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired CB Richard Ellis Carmody, a Charleston, South Carolina based commercial real estate services firm that has been an affiliate of CBRE serving the South Carolina coastal markets since 1997. The acquisition of CB Richard Ellis Carmody enhances CBRE’s coverage of the rapidly growing southeastern corridor of the U.S.
The firm was founded by Brian and Charles Carmody in 1992, and today it is one of the region’s leading providers of leasing, investment sales, property management, research and consulting services. The firm has a staff of 23 and manages nearly four million sq. ft. of commercial property.
The Charleston area has seen healthy demand for office, logistics and flex space, driven by solid employment growth and the ongoing expansion of the Port of Charleston. The port enables the Charleston market to be an important feeder of business throughout the southeast. Thus, CB Richard Ellis Carmody has strong synergies with CBRE’s existing offices across the region.
“CB Richard Ellis Carmody’s integration with CBRE is a winning move for our clients and our people across the southeast,” said John Ferguson, Executive Managing Director for CBRE’s Southeast Region. “We have worked closely with Brian, Charles, and their colleagues for many years, and we see significant opportunities to expand our work together throughout the region.”
“We have worked hard for more than two decades to be the premier provider of commercial real estate services in the Charleston region,” said Charles Carmody, co-founder of CB Richard Ellis Carmody. “By becoming a full member of the CBRE team – and integrating further with its market-leading global platform -- we can help CBRE to deliver the best client performance in every location, in Charleston, the U.S. and around the world.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 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 website 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 CB Richard Ellis Carmody 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 CB Richard Ellis Carmody with CBRE’s existing operations, 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, 2012 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. 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 email@example.com.