CBRE Group completes combination of Turner & Townsend/Project Management; Vincent Clancy has joined CBRE’s board of directors via Investing.com

DALLAS–( BUSINESS WIRE )–CBRE Group, Inc. (NYSE:CBRE) announced today that it has completed its plan to merge its project management business with Turner & Townsend, its majority-owned subsidiary, and that Vincent Clancy, chairman and chief executive officer of Turner & Townsend, has joined CBRE Board of Directors.

Turner & Townsend provides program management, cost consulting and project management services globally, and as of 2021 is a majority-owned subsidiary of CBRE.

Clancy, a 35-year veteran of Turner & Townsend, has been its chief executive officer since 2008 and chairman of the board since 2015. Under Clancy’s leadership, Turner & Townsend’s revenue has grown from about $225 million in 2008 to more than $1.9 billion dollars in 2023.

Our combined project management business represents an offering that is unmatched in scope and breadth of capabilities. Under Vincent’s exemplary leadership, it is poised to capitalize on powerful global trends in areas such as infrastructure, the green energy transition and the employee experience, said Bob Sulentic, chairman and chief executive officer of CBRE.

Our board will greatly benefit from the insights Vincent has gained from running a highly successful global business and his deep knowledge of key growth sectors for CBRE, Sulentic added.

Clancy said: The strong momentum we’ve built over the past three years will continue to grow now that we’ve combined two great businesses into one integrated pure-play project management capability. Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence are unmatched in program and project management. I am also energized to join CBRE’s Board and look forward to working with my fellow directors as we build a resilient, highly diverse business unmatched in our industry.

Clancy joined Turner & Townsend in 1989, after obtaining a degree in construction economics from South Bank University. He took charge of Turner & Townsend’s United Kingdom (TADAWUL:) for cost management in 2000 and for international operations in 2005, before being elevated to the position of chief executive officer in 2008.

Clancy was appointed building Magazine CEO of the Year in 2014 and 2017. He is a Chartered Fellow of the Royal Institute of Surveyors and works as an Industry Advisor to the Construction Leadership Council.

CBRE now owns 70% of the combined Turner & Townsend/CBRE Project Management business. Since becoming a majority-owned subsidiary of CBRE in November 2021, Turner & Townsend’s revenues have grown at a compound annual rate of more than 20%.

Beginning this year, CBRE will report project management results in its stand-alone business segment, providing increased transparency for investors.

About CBRE Group (NYSE:), Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and Dallas-based company, is the world’s largest commercial real estate services and investment company (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facility, transaction and project management; property management; investment management; assessment and evaluation; asset leasing; strategic consulting; sale of real estate; mortgage services and development services. Visit our website at www.cbre.com. We routinely post important information on our website, including company and investor presentations and financial information. We intend to use our website as a means to disclose material, non-public information and to comply with our disclosure obligations under Regulation FD. Such announcements will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to monitoring our press releases, Securities and Exchange Commission filings, and public conference calls and webcasts.

About Turner & Townsend

Turner & Townsend is a global professional services firm with more than 20,000 people in more than 60 countries. Working with our clients in the real estate, infrastructure and natural resources sectors, the company specializes in major programs, program management, cost management and commercial, net zero and digital solutions. Turner & Townsend is majority-owned by CBRE Group, Inc., the world’s largest commercial real estate services and investment firm, and its partners have a significant non-controlling interest. www.turnerandtownsend.com

Forward-looking statements

Certain statements in this release relating to the combined business of CBRE Project Management and Turner & Townsend that are not purely historical are forward-looking statements within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995, the words anticipate, expect, intends, plan, will and similar terms and phrases are used in this edition to identify forward-looking statements. Forward-looking statements are based on our management’s expectations and beliefs regarding future events affecting us, including the expected benefits of the combination, and are subject to uncertainties and factors relating to our business and business environment, all of which difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may differ materially from those indicated in the forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. A number of factors could cause actual future performance, results and events to differ materially from those expressed in forward-looking statements, including, but not limited to, the successful operation of the combined business, future demand for project management services, and other risks and ambiguities discussed in our filings with the US Securities and Exchange Commission (SEC). All forward-looking statements speak only as of the date of this release. We undertake no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we update one or more forward-looking statements, it should not be construed that we will make additional updates with respect to those or other forward-looking statements. For additional information on factors that could cause actual results to differ from those anticipated in forward-looking statements and other risks and uncertainties to our business generally, please see our SEC filings, including our Form 10-K for the fiscal year just ended December 31, 2023 and Form 10-Q for the quarter ended September 30, 2024. Such filings are publicly available and may be obtained from our website at www.cbre.com or at the request of CBRE Investor Relations at investorrelations@cbre.com.

See the original version on businesswire.com: https://www.businesswire.com/news/home/20250102076560/en/

For further information:
Chandni Luthra “ Investors
212.984.8113
Chandni.Luthra@cbre.com

Steve Iaco “Media
212.984.6535
Steven.Iaco@cbre.com

Source: CBRE Group, Inc.