Commercial property giant CBRE is shifting its headquarters to Dallas
The country’s largest commercial real estate company – the CBRE Group – is swapping its California address for a new headquarters in Dallas.
The international real estate company with more than 100,000 employees and more than 530 offices is planning to relocate its headquarters to North Texas.
However, the move is not expected to transfer any significant number of jobs.
CBRE employees wouldn’t confirm the move, but an announcement is expected tomorrow when the company announces its quarterly results.
CEO Robert Sulentic already has his Dallas office on McKinney Avenue. He split his time between Dallas and Los Angeles.
One of the largest divisions of CBRE – the developer Trammell Crow Co. – is based in Dallas. Sulentic was previously CEO of Crow.
CBRE, a Fortune 500 company with annual sales of more than $ 24 billion, has a strong presence in the Dallas-Fort Worth area providing real estate brokerage, property management and leasing, and development services.
The company manages more than 6.8 billion square meters of real estate worldwide.
CBRE’s move will cement the D-FW area as one of the country’s real estate capitals.
In the first three quarters of 2020, D-FW led the country in commercial real estate investments.
CBRE has roots in California that go back more than a century.
For a time, the real estate services company was owned by Sears Roebuck and Co. of Chicago. In 1989, the company’s employees and investors bought the Sears operations.
In 2004, the current company was based in Los Angeles and made its first public offering of shares. The company acquired Trammell Crow Co. in 2006.
CBRE processes more than $ 430 billion in global real estate transactions worldwide.
The company is the youngest California company to travel to Texas.
In 2014, global auto giant Toyota announced it was moving its North American headquarters from Southern California to Plano. Since then, dozens of California companies have announced their move to North Texas.
Property managers and business development officials have predicted a spate of moves to the region after the COVID-19 pandemic subsided.