CBRE Acquires Custom Spaces, the Bay Area’s Premier Boutique Real Estate Advisor to the Tech Sector
October 18 2017 - 4:15PM
Business Wire
Acquisition Fortifies CBRE’s Technology
Practice Globally and Creates the Premier Tech Practice in the Bay
Area
Jenny Haeg, Custom Spaces’ Founder, Joins CBRE
as Vice Chairman within its Advisory & Transaction Services
business
CBRE Group, Inc. (NYSE: CBG) today announced the acquisition of
the business of Custom Spaces, a San Francisco-based,
technology-focused boutique real estate brokerage firm that advises
leading technology companies such as Airbnb, Cruise Automation,
Medium, Gusto and Coinbase, on occupancy strategies. The
acquisition confirms CBRE as the leading real estate advisor in the
Bay Area for technology companies and fortifies its Technology
Practice globally.
Jenny Haeg, founder and CEO of Custom Spaces, will join CBRE as
a Vice Chairman within its Advisory & Transaction Services
business and will have a leadership role with CBRE’s global
Technology Practice. This practice group consists of CBRE Advisory
and Transaction Services professionals who collaborate to meet the
real estate requirements of technology companies – from Fortune 100
multi-nationals to high-growth, mid-cap companies, to emerging
venture capital backed start-ups.
“We are delighted that Jenny and her team have joined CBRE,”
said Joe Wallace, Executive Managing Director, Bay Area, CBRE.
“Tech companies operate in an incredibly dynamic environment. There
are very few real estate advisors who, like Custom Spaces, both
understand the unique requirements of the tech sector and can
implement related plans quickly at scale. CBRE’s global service
offering ensures that Custom Spaces and their clients have access
to best-in-class strategy, analytics and real estate execution
anywhere in the world.”
“Custom Spaces was founded to help technology companies scale
and achieve their real estate objectives in a way that is
consistent with their unique identity and culture. In speaking with
CBRE leadership, it quickly became apparent that they shared our
mission of a service-based firm that puts our clients’ needs first
in a personalized way. Joining forces with CBRE and leveraging
their market-leading position globally and broad-based service
offering, will enable us to do this for more clients, in more ways
and in more markets. We are excited to continue building the
definitive real estate platform for technology companies around the
world,” said Ms. Haeg.
“We are excited to welcome Custom Spaces’ valued clients to
CBRE. The combination of our two firms creates a powerful and
market-leading platform to serve technology companies. We look
forward to earning the right to help these important clients grow
by consistently delivering exceptional outcomes – on every
assignment,” said Jack Durburg, CEO, Americas, CBRE.
"Custom Spaces has built a very capable team and great brand
through a tireless commitment to acting in the best interest of its
clients and cultivating strong relationships. Joining forces
with CBRE will undoubtedly bring access to cross-disciplinary
expertise and horsepower that will only further help Airbnb achieve
our real estate goals and objectives," said Tido Pesenti, Director,
Global Real Estate, Procurement & Travel, Airbnb.
Ms. Haeg founded Custom Spaces in 2011. In addition to the Bay
Area, the firm has developed real estate solutions for tech
companies in markets such as New York, Los Angeles, Tokyo and
London.
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 2016
revenue). The company has more than 75,000 employees (excluding
affiliates), and serves real estate investors and occupiers through
approximately 450 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 Custom Spaces 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 Custom
Spaces’ brokerage professionals with our existing operations in the
U.S., 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 Form 10-K for the fiscal
year ended December 31, 2016, and our Form 10-Q for the quarter
ended June 30, 2017. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171018006201/en/
CBRE Group, Inc.Robert McGrathMedia Relations+1
212-984-8267robert.mcgrath@cbre.comorBrad BurkeInvestor
Relations+215-921-7436brad.burke@cbre.com
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