Acquisition of leading retail project management firm enhances services for investors and retailers
Honolulu – December 12, 2016 – CBRE Group, Inc. (NYSE: CBG) today announced that it has acquired Skye Group (Skye), a leading provider of retail project management, shopping center development and tenant coordination services in the U.S. and Canada. This acquisition enhances CBRE’s position in the retail market by bolstering its retail project management service offerings.
Based in Cleveland, Ohio, Skye is led by Bradley Sanders, who founded the firm in 2000. Its client list consists of prominent retail real estate investors including Simon, Howard Hughes, Westfield, LaSalle Investment Management, Vornado Realty Trust, New England Development, Ivanhoe Cambridge and Steiner & Associates, as well as brands such as Barneys New York.
“Skye has earned the reputation as a reliable and efficient solution for shopping center investors and occupiers,“ said Mark Fewin, Americas leader, Project Management Services, CBRE. “The firm’s ‘early stage’ work for clients in project management and large-scale construction will create new client service opportunities in the retail market.”
Mr. Sanders will lead CBRE’s retail project management business and report to Mr. Fewin. The business will operate as CBRE I Skye.
“Joining CBRE is an excellent fit for our business and our retail clients will benefit from CBRE’s breadth of occupier and investor solutions,” said Mr. Sanders. “I look forward to working with our new colleagues at CBRE to take our business and our ability to service our clients to an even higher level.”
Skye serves retail clients throughout North America, including at Ka Makana Ali’i on behalf of DeBartolo Development. Erich Otting and Charles Critides have joined CBRE with the acquisition and are both based in Hawaii as senior project managers.
“Adding Skye’s services to our client offerings reflects our strategy to strengthen our position in the retail real estate sector in the Americas and is a seamless fit with our robust retail service line platform,” said Anthony Buono, executive managing director, Retail Services, the Americas, CBRE.
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 (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Forward-Looking Statements
Certain of the statements in this release regarding the acquisition of Skye Group (Skye) 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. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, our ability to successfully integrate Skye with our existing operations in the U.S. and Canada, as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume 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 do update one or more forward-looking statements, no inference should be drawn that we 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 other risks and uncertainties to our business in general, please refer to our SEC filings, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, and our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at investorrelations@cbre.com.
