CBRE Group, Inc.
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Company History
Founded 1906 in Dallas, Texas
San Francisco, 1906. Colbert Coldwell and Arthur Banker founded the firm that would eventually become CBRE in the aftermath of the earthquake that destroyed much of the city. The founding thesis was that the rebuilding of San Francisco would require professional real estate advisory services — managing property dispositions, handling lease negotiations, assisting with construction projects — at a scale that individual property owners couldn't manage themselves. The firm grew steadily through the 20th century, expanding from California to national coverage through a combination of organic growth and regional acquisitions. The most consequential structural event was the 1989 merger with Richard Ellis, the British commercial real estate firm, which created the first genuinely transatlantic commercial real estate advisory operation. The combined firm could serve multinational corporations on both sides of the Atlantic from a single relationship — a capability that American and European corporations were increasingly demanding as they expanded internationally. The 2004 IPO gave CBRE access to public market capital for the aggressive acquisition strategy that defined the following decade. The Trammell Crow acquisition in 2006 added development capabilities. ING Real Estate Investment Management, acquired in 2011, added investment management assets under management that gave the firm a direct stake in the properties it helped clients buy and manage. The 2015 global rebrand to CBRE — consolidating various regional names and legacy brands under a single identifier — reflected the completion of a two-decade integration process that had assembled dozens of regional firms into a coherent global operation. By that point, CBRE had more real estate professionals in more countries than any competitor by a margin significant enough that the question had shifted from how to grow to how to maintain quality across the scale.
CBRE is the product of over a century of rolling global consolidations, but its foundational DNA traces back to the devastating aftermath of the 1906 San Francisco earthquake. Following the destruction of the city, the real estate market was chaotic and plagued by unscrupulous speculators and fraudulent transactions. In 1906, Colbert Coldwell, a young real estate agent, recognized the desperate need for integrity and objective valuation in the rebuilding process. He founded a small real estate company based entirely on the principle that the broker must act solely in the best interest of the client, rejecting the common practice of brokers secretly trading properties for their own profit. In 1913, Benjamin Arthur Banker joined the firm as a partner, and the company was officially named Coldwell Banker. For decades, Coldwell Banker operated strictly as a respected, regional commercial and residential broker in the Western United States. The defining pivot that transformed it into a global entity began in the late 1980s. The commercial division separated from the residential division (which was sold off and remains a separate entity today). Renamed CB Commercial, the firm began an aggressive acquisition spree across the United States. The masterstroke occurred in 1998, when CB Commercial acquired Richard Ellis International (REI). REI was a prestigious, property consultancy founded in London in 1773, with deep, historic roots managing aristocratic estates across the British Empire. This transatlantic merger created CB Richard Ellis (eventually shortened to CBRE), combining the American brokerage power of Coldwell Banker with the elite, entrenched global network of Richard Ellis, forming the undisputed, globe-spanning titan of modern commercial real estate.
As a leading figure in the San Francisco business community, Arthur Banker brought immense operational credibility and access to deep pools of local capital to the partnership with Colbert Coldwell. While Coldwell understood the mechanics of property valuation and sales, Banker understood how to structure the enterprise, manage its rapid expansion, and navigate the complex regulatory and political landscape of a city rebuilding from total destruction. His involvement ensured that the new company was not just another informal brokerage, but a capitalized, professional corporation capable of handling the real estate transactions required for the reconstruction of the American West. Banker’s operational acumen allowed the firm to survive its earliest crises, establishing a reputation for reliability and financial stability that attracted the region’s most prominent corporate clients. His legacy is embedded in the firm’s conservative, fortress-like approach to balance sheet management and its sophisticated integration of local market expertise with national scale, principles that continue to govern the company’s financial strategy and operational execution to this day.
Colbert Coldwell and Arthur Banker established Coldwell, Banker & Co. after the San Francisco earthquake.
The Coldwell Banker commercial business combined with Richard Ellis, creating a broader global real estate services platform.
CBRE completed its public listing, giving the company capital for acquisitions and global expansion.
CBRE acquired Trammell Crow Company, adding a major development and investment capability.
CBRE expanded outsourced facilities and workplace services, increasing its recurring revenue base.
CBRE reported $40.55 billion in revenue and more than 155,000 employees in its 2025 Form 10-K.
The firm acquired Trammell Crow Company, one of the nation’s oldest and most prolific commercial real estate development firms, to vertically integrate its capabilities and capture the high-margin development yield. This move was designed to create a closed-loop ecosystem where CBRE could advise on land acquisition, develop the asset, lease the space, and manage the facility.
The firm acquired the GWS division from Johnson Controls to instantly scale its recurring facilities management business and shift its revenue mix away from the extreme cyclicality of the transaction markets. This strategic masterstroke was designed to secure billions in long-term, sticky contracts with corporate occupiers.
The firm acquired FacilitySource, a leading provider of national facility maintenance and repair services, to enhance the operational capabilities of its GWS division. This bolt-on acquisition was designed to bring specialized, multi-trade maintenance expertise in-house, improving service delivery, reducing reliance on third-party vendors, and driving further margin expansion.
Since its establishment in 1906, CBRE Group, Inc. expanded from an early-stage venture into a recognized leader in Commercial Real Estate Services and Investment, overcoming key market challenges.
Over its history, CBRE Group, Inc. executed decisive strategic pivots toward scalable monetization and digital distribution, securing its current market leadership.
By continually modernizing operations and embracing workflow automation, CBRE Group, Inc. maintains resilience through changing technological and economic cycles.