Los Angeles, CA
CBRE Continues Expansion of Right-of-Way Appraisal Expertise with Strategic Acquisition in Southern California
March 13, 2023
Media Contact
Director of Communications, Global Capital Markets/VAS
CBRE today announced it has acquired the Los Angeles and Orange County affiliates of Integra Realty Resources (“IRR”).
IRR-Los Angeles/Orange County specialize in appraisals for Right-of-Way (ROW), in addition to providing valuation and advisory services across a broad spectrum of property types. The firm has completed approximately 500 assignments annually for more than 100 regional and national clients.
The acquisition complements CBRE’s national Valuation & Advisory Services (VAS) ROW practice, the largest of its kind in the U.S., and expands the firm’s market-leading valuation team in Southern California.
“This initiative continues the growth of our national ROW valuation business and expands our presence in Southern California, where the new team is widely regarded as the leaders in ROW appraisal services. This team will benefit greatly from the opportunity to leverage the data, technology and analytics provided by CBRE’s market-leading valuation and advisory services platform,” said Tom Edwards, Global President of VAS for CBRE.
With offices in Los Angeles and Irvine, CA, the new teams will integrate with CBRE’s existing VAS team. John Ellis and Beth Finestone, principals of IRR-Los Angeles/Orange County, will continue to run the incoming team’s operations in Southern California as Executive Vice Presidents for CBRE.
“We are excited about joining CBRE and being part of its expansion in ROW valuation, which has been one of our core services since inception in 1996. The partnership with CBRE provides an opportunity for great synergy and will enhance our ability to continue providing the highest level of service to our clients,” said Mr. Ellis.
IRR is a network of commercial real estate valuation, counseling and advisory firms in the United States.
CBRE’s acquisition of IRR-Los Angeles/Orange County builds on the recruitment in 2022 of North Carolina-based Clontz Newkirk Real Estate Group (CNREG), one of the leading ROW appraisal teams in the Southeast, and the addition of a team from Seattle-based ABS Valuation in late-2021 that expanded the firm’s service offering in the Pacific Northwest.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Forward-Looking Statements
Certain of the statements in this release regarding acquisition of the Los Angeles and Orange County affiliates of Integra Realty Resources 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. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, the ability to integrate the acquired business into CBRE’s existing Valuation & Advisory Services business as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we 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 other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2022. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected].