CBRE Group, Inc. Acquires Affiliate Firm in Memphis, TN
| December 30, 2015
CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired CBRE | Memphis, a commercial real estate services firm that has served as CBRE’s affiliate in Memphis, Tennessee, since 1996.
CBRE | Memphis is the region’s leading provider of commercial real estate services with the number one market position across the office, retail and industrial sector. Its comprehensive suite of services includes leasing, property sales, property management, project management and consulting. The firm has a staff of more than 100 and leases and/or manages approximately 14 million sq. ft. of property in the Memphis metro area as well as in Jackson, MS and Arkansas.
“We have worked with the CBRE | Memphis team for nearly two decades and know firsthand their commitment to service excellence and our core values of respect, integrity, service and excellence. We look forward to working closely with them to create more value for our clients and drive the growth of our business,” said John Ferguson, President of CBRE’s Southeast Division.
“We believe our people are the best client service professionals in the Memphis region. By becoming part of CBRE’s premier team we can now seamlessly and effectively serve our clients’ needs across the country and around the world,” said Kevin Adams, who joins CBRE as a Senior Managing Director.
The combination of the CBRE | Memphis professionals with CBRE’s existing corporate staff in the region now gives CBRE more than 500 employees in the Memphis area. CBRE has now acquired four firms in the Southeast in the past two years, including its former affiliates in Charleston, Columbia and Greenville, South Carolina and in Louisville, Kentucky, fortifying its capabilities in this fast growing region. It now has 14 offices and more than 3,200 employees throughout the Southeast.
Memphis is the largest city in Tennessee with a metro area population of over 1.3 million. The area is home to the corporate international headquarters of FedEx, International Paper, AutoZone and ServiceMaster, and has the world’s busiest cargo airport, which serves as the primary hub for FedEx. Also located in Memphis are Baptist Memorial Healthcare, one of the nation's largest not-for-profit health care systems, and St. Jude Children’s Research Hospital, one of the world’s premier centers for the research and treatment of catastrophic diseases in children.
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 2014 revenue). The Company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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 CBRE | Memphis 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, CBRE’s ability to successfully integrate CBRE | Memphis with its existing operations in the U.S., 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, 2014 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015. Such filings are available publicly and may be obtained off CBRE's website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected]