CBRE Enhances Market Leadership in Greater Chicago Area
LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYSE:CBG) and U.S. Equities Realty, LLC today announced that the companies will combine their Chicago area operations. The transaction brings together CBRE’s global leadership and expertise across markets and business lines with U.S. Equities Realty’s strong position in the greater Chicago area.
U.S. Equities Realty leases and manages 17 million sq. ft. of Chicago property, including the world-renowned Willis Tower (formerly Sears Tower) and 2.5 million sq. ft. of properties along Chicago's prestigious Michigan Avenue. It also has completed real estate transactions for or with leading companies, such as Winston & Strawn, Boston Consulting Group, IBM, Hinshaw & Culbertson, Ventas, Lurie Children’s Hospital, Taft, Stettinus & Hollister, Nike, Verizon and Crate & Barrel.
“With today’s announcement, we are re-defining excellence in Chicago real estate services,” said Chris Connelly, Executive Managing Director, Chicago Region, CBRE. “We’re bringing together two of Chicago’s most highly regarded and successful firms that share common values and a passion for outstanding client service. We are thrilled to have U.S. Equities join us, and we look forward to working with our new colleagues to enhance the services we offer our clients.”
Founded in 1978, U.S. Equities offers a broad range of leading commercial real estate services, provided by a professional staff with a strong reputation in the Chicago market. Offerings include: agency leasing, property and facilities management, tenant representation, investment sales, development and project management, owner’s representation, sustainability consulting and advisory services. U.S. Equities has been responsible for some of Chicago’s most iconic projects including the development, renovation, repositioning, management and/or leasing of buildings such as the Willis Tower, the John Hancock Center, Harold Washington Library, Stroger Hospital, One Financial Place, Comer Children’s Hospital and Millennium Park. Currently, their U.S. portfolio includes more than 500 properties across the office, retail, institutional, dormitory and residential sectors.
“Throughout our 36 year history, U.S. Equities has aggressively pursued every opportunity to anticipate the changing needs of our clients,” said Bob Wislow, Chairman and CEO, U.S. Equities. “CBRE’s global platform, along with its extensive service offering and broad expertise, will expand and enhance our ability to serve clients – in Chicago and around the world – and to provide additional growth opportunities for our professionals. In turn, the development/program management, owner’s representation and consulting services we provide will strengthen the services CBRE can provide to its clients. Joining CBRE builds upon our solid foundation of success while enabling us to continue our strong, historic commitment to the City of Chicago and its important civic, professional and cultural institutions.”
U.S. Equities principals Camille Julmy and Nancy Pacher will join as Vice Chairmen of CBRE Chicago; Katie Scott and Marty Stern will join CBRE as Senior Managing Directors; and Mr. Wislow will serve as Chairman of CBRE Chicago. Together with the other members of U.S. Equities’ senior leadership, they will work closely with Mr. Connelly and CBRE’s Chicago leadership team to foster the continued growth of the business in the Chicago region.
Under the terms of the agreement, CBRE has acquired U.S. Equities Realty’s U.S. operations, effective today. U.S. Equities has approximately 400 professionals in Chicago who will continue to service their clients in the same capacities with the combined firm.
“We are delighted to have this unique opportunity to bring together the talents of U.S. Equities’ professionals with the power of CBRE’s brand, people and service offering,” said Cal Frese, Chief Executive Officer, Americas, for CBRE. “Nancy, Camille, Katie, Marty, Bob and their colleagues have an excellent reputation for high-quality work and a strong client roster. Combining our two firms’ existing strengths in Chicago will further enhance our market leader position.”
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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 U.S. Equities Realty 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 U.S. Equities Realty with CBRE’s existing operations in Chicago, 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, 2013 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014. 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.
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Source: CBRE Group, Inc.