CBRE Group Combines Project Management Business with Turner & Townsend Subsidiary for Enhanced Services and Global Reach
Dallas, TX - CBRE Group, Inc. (NYSE:CBRE) recently revealed its plans to merge its Project Management business with Turner & Townsend, a majority-owned subsidiary specializing in program management, cost consultancy, and project management services on a global scale. Following the completion of this transaction, CBRE will retain a 70% ownership stake in the combined Turner & Townsend/CBRE Project Management business, while Turner & Townsend partners will hold the remaining 30%.
The decision to combine these two industry leaders comes as a strategic move to streamline operations and enhance the company’s service offerings worldwide. CBRE’s acquisition of a 60% stake in Turner & Townsend takes place against the backdrop of CBRE’s recent expansion of its climate risk assessment capabilities, demonstrating the company’s commitment to sustainability and providing clients with actionable insights.
With the integration of Turner & Townsend’s expertise in program and project management, cost consultancy, and global reach, CBRE aims to further strengthen its position as a leader in the real estate industry. The synergies between the two entities will enable CBRE to provide a comprehensive range of services tailored to clients’ needs, assisting them in navigating complex projects, optimizing costs, and delivering successful outcomes.
By amalgamating their respective project management businesses, CBRE and Turner & Townsend will pool their resources, talent, and expertise to leverage the synergistic benefits of their combined capabilities. This collaboration will empower CBRE to better serve its clients by offering integrated solutions and delivering unparalleled value across various industries and geographies.
In recent years, climate risk assessment has become a crucial consideration for property investors and occupiers. CBRE’s partnership with Climate X, a risk analysis platform, will enable the company’s sustainability experts to translate climate risk scenarios and hazards into easily understandable information. This advanced analysis will empower clients to evaluate locations and make informed decisions while planning, reporting, and implementing sustainability strategies.
The expanded climate risk assessment capabilities, combined with the merger of CBRE’s Project Management business and Turner & Townsend, will position the company to provide customized sustainability solutions that account for potential risks and promote effective long-term strategies. CBRE’s commitment to addressing climate risks aligns with global initiatives to create sustainable environments and enhances the value it delivers to clients.
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