CBRE Group, Inc.
Acquisitions
8
Major Deals Covered
$5.7B
Disclosed Deal Value
CBRE's largest disclosed acquisition here is Trammell Crow Company for $2.2B in 2006. This page covers 8 major deals from 2006 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Trammell Crow Company | 2006 | $2.2B | Add a major U.S. developer and corporate services platform so CBRE could develop, lease, and manage property for clients. |
| Johnson Controls Global Workplace Solutions (GWS) | 2015 | $1.5B | Scale CBRE's facilities management outsourcing for large corporate occupiers. |
| FacilitySource | 2018 | Undisclosed | Add a technology-enabled facilities maintenance and repair platform for multi-site clients. |
| Turner & Townsend (60% stake) | 2021 | Undisclosed | Expand into global project, program, and cost management. |
| J&J Worldwide Services | 2024 | $800.0M | Enter U.S. federal government facilities and mission-support services. |
| Industrious | 2025 | Undisclosed | Add a flexible workplace operator and create the Building Operations & Experience segment. |
| Pearce Services | 2025 | $1.2B | Add technical services for digital and power infrastructure, including data centers and power generation assets. |
| Tenet Equity | 2026 | Undisclosed | Launch a triple-net-lease strategy at CBRE Investment Management. |
2026
Launch a triple-net-lease strategy at CBRE Investment Management.
Added a net-lease platform with a $1.6 billion portfolio of 208 properties (about 12 million square feet) in 39 states.
Completed in September 2026.
2025
Add a flexible workplace operator and create the Building Operations & Experience segment.
Industrious co-founder Jamie Hodari joined CBRE as CEO of Building Operations & Experience and Chief Commercial Officer.
Industrious operates within the Building Operations & Experience segment.
2025
$1.2B
Add technical services for digital and power infrastructure, including data centers and power generation assets.
Bought from New Mountain Capital for about $1.2 billion in cash plus an earn-out of up to $115 million; CBRE expects more than $350 million of Core EBITDA from digital and power infrastructure services in 2026.
Expands CBRE's critical infrastructure services.
2024
$800M
Enter U.S. federal government facilities and mission-support services.
Added long-term government contracts; the price was $800 million in cash plus an earn-out of up to $250 million payable in 2027.
Integrated into CBRE's facilities services business.
2021
Expand into global project, program, and cost management.
Gave CBRE a large consultancy for infrastructure, energy, and real estate programs.
Turner & Townsend anchors the Project Management segment.
2018
Add a technology-enabled facilities maintenance and repair platform for multi-site clients.
Strengthened CBRE's ability to manage maintenance across retail and other multi-site portfolios.
Integrated into CBRE's facilities services business.
2015
$1.5B
Scale CBRE's facilities management outsourcing for large corporate occupiers.
Added roughly 16,000 professionals and large multi-year client contracts, shifting CBRE's mix toward recurring revenue.
The business became the core of CBRE's workplace and building operations services.
2006
$2.2B
Add a major U.S. developer and corporate services platform so CBRE could develop, lease, and manage property for clients.
Gave CBRE a development business and an experienced leadership bench; Bob Sulentic, Trammell Crow's CEO, later became CBRE's CEO.
Trammell Crow Company remains CBRE's development arm in the Real Estate Investments segment.
CBRE is steering capital toward recurring, contract-based services and critical infrastructure. In 2025 it bought flexible-workspace operator Industrious and created the Building Operations & Experience segment, then acquired Pearce Services for about $1.2 billion to service data centers and power infrastructure, expecting more than $350 million of Core EBITDA from digital and power infrastructure services in 2026. In September 2026 CBRE Investment Management added a net-lease platform by acquiring Tenet Equity, with a $1.6 billion portfolio of 208 properties. Trammell Crow Company continues to develop industrial, data center, and multifamily projects, and Turner & Townsend targets large infrastructure and energy programs.
CBRE earns money in four ways, which it reports as separate segments. Advisory Services collects commissions and fees on leasing, property sales, debt origination, loan servicing, and valuations; it is the most cyclical part of the business. Building Operations & Experience (created in 2025 with the Industrious acquisition) earns contract fees for running facilities, data centers, and flexible workplaces for corporate occupiers and property owners. Project Management, which includes Turner & Townsend, is paid to plan and oversee construction and fit-out programs. Real Estate Investments combines CBRE Investment Management's asset-management fees with Trammell Crow Company's development profits. CBRE groups the contract-based lines as 'resilient' businesses and leasing and capital markets as 'transactional' businesses; both grew more than 13% in 2025. A large share of reported revenue is pass-through costs (for example, facility staff and subcontractors billed to clients), which is why CBRE emphasizes net revenue, Core EBITDA, and Core EPS.
In December 2006, CBRE acquired Dallas-based commercial real estate developer and property management firm Trammell Crow Company for $2.2 billion in cash, adding high-quality commercial development capabilities and large corporate facilities management accounts.
In 2015 CBRE acquired Johnson Controls' Global Workplace Solutions business for about $1.475 billion, adding roughly 16,000 professionals and making CBRE a leader in facilities management outsourcing.
In 2021 CBRE acquired a 60% stake in U.K.-based project and cost management consultancy Turner & Townsend, which now anchors its Project Management segment.
In February 2024, CBRE acquired J&J Worldwide Services, a premier provider of facilities management and mission-support services for the US federal government and military healthcare facilities, for $800 million in cash plus up to $250 million in contingent earnouts.
In 1998, CB Commercial acquired Richard Ellis's international operations, creating CB Richard Ellis and giving the firm a global footprint.
In 2011 CBRE acquired ING's real estate investment management businesses in Europe and Asia and Clarion Real Estate Securities in the U.S. for about $940 million, forming what is now CBRE Investment Management.
In October 2019, CBRE subsidiary Trammell Crow Company acquired London-based residential developer Telford Homes Plc for approximately $336 million, expanding Trammell Crow's build-to-rent multifamily development platform into the United Kingdom.
Recent deals include Industrious (2025), Pearce Services for about $1.2 billion in cash plus up to $115 million in earn-outs (2025), and Tenet Equity, a $1.6 billion net-lease portfolio bought by CBRE Investment Management in September 2026.
CBRE became an absolute juggernaut through massive acquisitions, famously merging with London-based Richard Ellis in 1998 to dominate Europe, and buying Trammell Crow in 2006 for $2.2 billion to dominate US development.
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