United States: CBRE to merge its project management business

Real estate and investment firm CBRE has revealed plans to merge its project management business with its majority-owned subsidiary, Turner and Townsend (T&T). Following this merger, CBRE will own 70 percent of the combined T&T/CBRE project management business, with the T&T partners holding the remaining 30 percent.

Clancy said: “Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated program, project, and cost management capability globally. We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years.”

Bob Sulentic, chair and CEO at CBRE, said: “Powerful secular trends, particularly increased spending on infrastructure, green energy, and employee experience, are growth catalysts for this business and we are well positioned to capitalize on this significant opportunity. Vince will bring a global perspective and deep experience in key growth areas like renewable energy and infrastructure to our board.”