CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired The CAC Group (CAC), one of the leading commercial real estate services firms in San Francisco. The acquisition significantly enhances CBRE’s service offering in downtown San Francisco, making it the number one provider of commercial property management and leasing in one of the strongest and fastest growing office markets in the United States.
John Cecconi, Bill Cumbelich and Gary Arabian founded CAC in 1990 to provide sales and leasing expertise to owners and occupiers and were joined by Mary Wiese in 1994 to launch the firm’s property management business. CAC is agent for approximately 18 million sq. ft. and manages approximately 11 million sq. ft. of office properties in downtown San Francisco, the greater Bay area and Seattle (including Bellevue). CAC employs 130 real estate professionals.
“This is a great day in the history of commercial real estate in San Francisco. CBRE was founded in San Francisco in 1906, and today we have created the premier real estate company in The City,” said Steven Swerdlow, CBRE’s Chief Operating Officer for the Americas, and President, Western Division. “CAC has been a recognized leader in commercial real estate in San Francisco for almost a quarter of a century. Most importantly, they share our values and commitment to being a world-class, client-focused real estate advisor.”
CAC has a track record of producing strong results for its clients, having completed nearly 3,000 sales and lease transactions since 2000. In addition, CAC has a growing presence in the Seattle/Bellevue area, where it has an office leasing and property management portfolio in excess of three million sq. ft., which includes the 76-story Columbia Center.
“Our ‘client-first’ culture and commitment to professional excellence and innovation have led to more than two decades of solid growth for our business,” said John Cecconi. “We are very excited to join forces with CBRE. By capitalizing on CBRE’s global platform and unsurpassed service offering, we will be able to accelerate our growth and both broaden and enhance the services we provide to our clients. We believe that the regional marketplace will now receive something new—the combined strength of the premier global real estate company with the experience and relationships of a premier San Francisco-based commercial real estate services company.”
Along with John Cecconi, Gary Arabian, Bill Cumbelich and Mary Wiese, CAC principals Tom Poggi, Angus Scott, David Terzolo and Bruce Wilson will be joining CBRE and will continue to focus on serving clients.
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 CAC Group 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 CAC Group 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 the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at email@example.com.