Los Angeles, January 21, 2014 – CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired the commercial real estate brokerage, investment property sales and property management services business of The Furman Co., Inc. and certain of its affiliates. The brokerage, investment property sales and property management business – which is based in Greenville, South Carolina – has served as CBRE’s affiliate in Upstate South Carolina and has operated as CBRE | Furman since 2010.
CBRE | Furman serves the 10-county Upstate South Carolina region. The acquisition enhances CBRE’s ability to serve clients across the region, adding 18 sales and leasing professionals along with other staff as well as 4.5 million sq. ft. of office, retail and industrial property under management. With the acquisition, the CBRE | Furman business will now operate as CBRE.
The Furman Co., a 125-year-old firm, will retain ownership and control of its development, investment advisory and risk management/insurance agency businesses. These businesses, which will not be purchased by CBRE, will continue to operate independently under The Furman Co. brand and will be led by Steve Navarro. Mr. Navarro will also remain affiliated with CBRE in a consulting capacity focused on CBRE client service.
“The CBRE | Furman professionals are widely considered to be the best in their market, and we are very excited to have them join our company,” said John Ferguson, Executive Managing Director for CBRE’s Southeast Region. “We see significant growth opportunities in South Carolina, and our Greenville area operations will realize significant positive synergies with our other offices throughout the Southeast.”
Upstate South Carolina has seen healthy demand for office, retail and industrial space, driven by solid employment growth and a growing population in Greenville’s central business district. The area is home to a number of private sector and university-based research organizations and research centers that support the automotive, life sciences, plastics and photonics industries.
“Our brokerage, investment sales and property management business has achieved a strong position in the market,” said Mr. Navarro, President of The Furman Co. “This business is now poised to thrive further by becoming part of CBRE’s premier global platform, where it can meet a broader range of client needs than anywhere else in the world. This will open up tremendous opportunities for CBRE clients.”
Steve Smith, Managing Principal of CBRE | Furman, will join CBRE as Managing Director of its operations in South Carolina.
“CBRE has the right team to deliver the best commercial real estate services to clients in South Carolina, the region and throughout the world. I am thrilled to be a part of this great organization,” said Mr. Smith.
The acquisition of CBRE | Furman follows CBRE’s purchase of the CB Richard Ellis Carmody affiliate in Charleston, South Carolina in November, 2013.
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 CBRE | Furman 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 CBRE | Furman’s commercial real estate services operations 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 CBRE’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 September 30, 2013. Such filings are available publicly and may be obtained off CBRE’s website at www.cbre.com or upon request from the CBRE Investor Relations Department at email@example.com.