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CBRE is the world's largest commercial real estate services and investment firm, providing a comprehensive range of services to real estate investors and occupiers worldwide. The company operates through three main business segments: Advisory Services, Global Workplace Solutions (GWS), and Real Estate Investments (REI) . CBRE offers services such as property leasing, capital markets, mortgage servicing, property management, valuation, integrated outsourcing, investment management, and development services .
- Global Workplace Solutions (GWS) - Provides integrated outsourcing services, including facilities and project management, primarily to occupiers of real estate, demonstrating consistent growth across market cycles .
- Advisory Services - Offers property leasing, capital markets (property sales and mortgage origination), mortgage servicing, property management, and valuation, with transactional components being more cyclical and other services more resilient to macroeconomic conditions .
- Real Estate Investments (REI) - Involves investment management and development services, focusing on the U.S., U.K., and Continental Europe, managing assets under management and development projects to diversify revenue streams .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert E. Sulentic ExecutiveBoard | Chair of the Board, President, and CEO | None | Joined CBRE in 2006 via Trammell Crow acquisition; became CEO in 2012 and Board Chair in 2023; led CBRE's global expansion. | |
Adam Gallistel Executive | Co-CEO and CIO, CBRE Investment Management | None | Set to join CBRE in 2025; former Head of Americas Real Estate at GIC; extensive experience in real estate investment and innovative growth sectors. | |
Andy Glanzman Executive | Co-CEO and President, CBRE Investment Management | None | Joined CBRE in 2010; previously President and COO of CBRE Investment Management; led the business through market challenges and positioned it for strong performance. | |
Croft Young Executive | Chief Investment Officer | Board Member, Travis Manion Foundation | Joined CBRE in 2023; previously Managing Director at Morgan Stanley; extensive experience in real estate investment banking and U.S. Marine Corps veteran. | |
Daniel G. Queenan Executive | CEO, Trammell Crow Company | None | Joined CBRE in 2011; previously CEO of Real Estate Investments and Advisory Services; extensive leadership in real estate development and investment. | |
Emma E. Giamartino Executive | Chief Financial Officer | None | CFO since 2021; previously Chief Investment Officer and Head of M&A; extensive experience in corporate finance and strategy. | |
Lindsey S. Caplan Executive | Chief Accounting Officer | None | Chief Accounting Officer; no additional details provided in documents. | |
Beth F. Cobert Board | Director | Trustee, Princeton University; Member, Colorado Workforce Development Council | Director since 2017; Chair of the Compensation Committee; extensive experience in business strategy and organizational leadership. | |
Brandon B. Boze Board | Director | None | Director since 2012; former Independent Chair of the Board (2018-2023); extensive experience in finance, strategy, and investments. | |
Christopher T. Jenny Board | Director | Board Member, Jennus Innovation, The Guardian Life Insurance Company of America, Mobile Virtual Player, FAIRWAYiQ, PLT4M | Director since 2016; CEO of Jennus Innovation; extensive experience in business strategy and consulting. | |
E.M. Blake Hutcheson Board | Director | Board Member, Algoma Central Corporation | Director since 2022; former CEO of OMERS; extensive experience in commercial real estate and investment management. | |
Gerardo I. Lopez Board | Director | Board Member, Newell Brands, Realty Income Corporation | Director since 2015; former CEO of AMC Entertainment and Extended Stay America; extensive experience in marketing, sales, and operations. | |
Gunjan Soni Board | Director | CEO, Zalora; COO, Global Fashion Group | Director since 2024; extensive experience in technology, strategy, and e-commerce; recognized in Fortune's "40 under 40" business leaders in India. | |
Guy A. Metcalfe Board | Director | Board Member, RioCan Real Estate Investment Trust; Advisor, Partnership Fund for New York City; Board Member, Child Mind Institute | Director since 2024; former Global Chairman of Real Estate at Morgan Stanley; advised on over $850 billion in transactions. | |
Oscar Munoz Board | Director | Board Member, Archer Aviation, Inc., Salesforce, Inc., Univision Holdings, Inc.; Trustee, Fidelity Investments, University of Southern California, The Brookings Institution | Director since 2020; former CEO of United Airlines; extensive experience in leadership, finance, and operations across multiple industries. | |
Reginald H. Gilyard Board | Director | Board Member, First American Financial Corporation, Orion Office REIT Inc., Realty Income Corporation; Board Member, Pacific Charter School Development | Director since 2018; former Dean of Chapman University Business School; extensive experience in strategy development and implementation. | |
Sanjiv Yajnik Board | Director | Chair, Collin County Business Alliance; Co-Chair, Indian American CEO Council; Board Member, Khan Academy; Executive Board Member, Dallas Symphony Association | Director since 2017; President of Capital One Financial Services; extensive experience in global business operations and technology enablement. | |
Shira D. Goodman Board | Lead Independent Director | Advisory Director, Charlesbank Capital Partners; Board Member, CarMax, Inc. | Director since 2019; former CEO of Staples; extensive experience in business operations, marketing, and sales force management. | |
Vincent Clancy Board | Director | CEO and Chair, Turner & Townsend; Industry Advisor, Construction Leadership Council | Director since 2025; CEO of Turner & Townsend; led significant revenue growth and integration with CBRE's project management business. |
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Given your assertion that CBRE doesn't need a capital markets recovery to surpass prior peak earnings in 2025, what specific strategies are you implementing to ensure growth in your resilient businesses if the capital markets recovery is slower than expected?
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You mentioned having considerable capacity in your mortgage origination and investment sales teams without the need to add talent materially; how do you plan to balance this with investing in growth and ensuring you aren't understaffed if there's a sharp uptick in capital markets activity?
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With the integration of the CBRE project management business with Turner & Townsend expected to start 2025 with considerable momentum, what challenges do you anticipate in merging these operations, and how will you address potential integration risks that could affect projected growth?
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Office leasing revenue increased significantly, fueled by accelerated demand; however, considering the uncertainties around return-to-office trends, how sustainable is this growth, and what are your expectations for office leasing activity if remote work continues to influence occupier decisions?
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Considering that the development arm like Trammell Crow Company can introduce earnings volatility and potentially contribute to a conglomerate discount, have you evaluated strategic options such as spinning off or restructuring to unlock shareholder value, especially given real estate asset managers' higher trading multiples?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
A global commercial real estate services company publicly traded in the U.S. | |
A company that has significant commercial real estate or real estate capital markets businesses within the U.S. or globally, and is publicly traded in the U.S. or abroad | |
A company with significant commercial real estate or real estate capital markets businesses within the U.S. or globally, publicly traded in the U.S. or abroad | |
ISS A/S | A company with significant commercial real estate or real estate capital markets businesses within the U.S. or globally, publicly traded in the U.S. or abroad |
A company with significant commercial real estate or real estate capital markets businesses within the U.S. or globally, publicly traded in the U.S. or abroad | |
A company with significant commercial real estate or real estate capital markets businesses within the U.S. or globally, publicly traded in the U.S. or abroad | |
Savills plc | A company with significant commercial real estate or real estate capital markets businesses within the U.S. or globally, publicly traded in the U.S. or abroad |
A company with significant commercial real estate or real estate capital markets businesses within the U.S. or globally, publicly traded in the U.S. or abroad |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Industrious National Management Company, LLC | 2025 | CBRE acquired 60% equity interest for approximately $400 million (implied $800 million enterprise valuation) after previously holding a 40% stake and a $100 million convertible note. The deal is strategically aimed at enhancing expertise in workplace experience by creating the new BOE segment, and it is expected to be immediately accretive to 2025 core EBITDA and free cash flow, with Jamie Hodari taking a key leadership role. |
Turner & Townsend | 2025 | CBRE increased its ownership to 70% in its combined project management business with Turner & Townsend, forming a standalone Project Management segment. This integration leverages Turner & Townsend's strong growth trajectory (from $225 million in 2008 to over $1.9 billion in 2023) and aligns with trends in infrastructure and the green energy transition, with key leadership joining CBRE’s board. |
J&J Worldwide Services | 2024 | CBRE acquired 100% ownership in J&J Worldwide Services for an initial purchase price of $800 million, with a potential earn-out of up to $250 million based on performance. The strategic move, financed through a $500 million senior note issuance, revolving credit facility, and cash, expands CBRE's technical services for government clients, particularly within U.S. federal and Department of Defense contracts. |
Direct Line Global | 2024 | CBRE completed the acquisition of Direct Line Global in June 2024 for approximately $290.9 million in cash and non-cash consideration. This deal enhances capabilities in technical facilities management for data centers, targeting a $30 billion market, and underscores CBRE's strategy of pursuing cyclically resilient and secularly favored business segments through direct acquisition. |
Recent press releases and 8-K filings for CBRE.
- On April 28, 2025, CBRE Services, Inc., a subsidiary of CBRE Group, Inc., entered into an underwriting agreement for the sale of $600 million 4.8% Senior Notes due 2030 and $500 million 5.5% Senior Notes due 2035.
- The offering is expected to close on May 12, 2025, with net proceeds earmarked to redeem outstanding 2026 Notes, repay commercial paper borrowings, and support general corporate purposes.
- Overall Financial Performance: Revenue increased by 12% to $8.91B; GAAP net income reached $163M with GAAP EPS up 32% (, , , ).
- Core Earnings & Profitability: Core EBITDA grew by 27% while Core EPS advanced 10% YoY (39% excluding a one‑time tax benefit) ().
- Segment & Revenue Growth: Key segments—including Resilient, Transactional, Advisory Services, Building Operations & Experience, and Project Management—delivered net revenue increases between 15% and 18%, with select areas reaching $5.11B (, , , ).
- Liquidity & Capital Actions: Generated nearly $1.5B in free cash flow and executed approximately $600M in share repurchases, maintaining net leverage at 1.5x (, , , , ).
- Guidance & Pipeline: Full‑year core EPS guidance remains at $5.80 to $6.10 while a robust project pipeline persists despite tariff uncertainty (, , ).
- CBRE Group, Inc. filed a Form 8-K on March 20, 2025, detailing key updates in its financial reporting.
- The company disclosed recast historical financial information for its revised business segments effective January 1, 2025, which include Advisory Services, Building Operations & Experience, Project Management, and Real Estate Investments.
- The announcement noted the combination of its project management business with its Turner & Townsend subsidiary and the acquisition of the remaining equity interest in Industrious, marking significant structural and strategic changes.
- CBRE Group, Inc. filed an 8-K report on March 13, 2025, detailing amendments to its credit agreements, including Exhibit 10.1 (Amendment No. 1) and Exhibit 10.2 (Amendment No. 2 and Incremental Assumption Agreement) involving key parties such as CBRE Services, Inc. and lenders with Wells Fargo Bank as administrative agent.
- The changes indicate modifications to the company’s existing credit arrangements and related financial documentation, which are material for understanding its current debt issuance structure.