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CBRE Group announces acquisition of The CAC Group
CBRE Group, Inc announced today its acquisition of one of the leading commercial real estate services firms in San Francisco, The CAC Group. The acquisition, said a press release on BusinessWire, signaled CBRE's efforts to enhance its offerings in the San Francisco downtown area, which in turn will make it the top provider of commercial property management and leasing. San Francisco is deemed as one of the US' strongest and fastest growing office markets. Financial details of the transaction were not disclosed.
CBRE's Chief Operating Officer for the Americas, and President, Western Division Steven Swerdlow said, "This is a great day in the history of commercial real estate in San Francisco. CBRE was founded in San Francisco in 1906, and today we have created the premier real estate company in The City. CAC has been a recognized leader in commercial real estate in San Francisco for almost a quarter of a century. Most importantly, they share our values and commitment to being a world-class, client-focused real estate advisor."
CAC was founded in 1990 by John Cecconi, Bill Cumbelich and Gary Arabian and grew to a leading provider of sales and leasing expertise to owners and occupants of properties. Its track record had attracted more clients, with nearly 3,000 sales and lease transactions completed since 2000. CAC is prominent in the Seattle/Bellevue area, where it has more than three million square feet of office leasing and property management portfolio, including the 76-story Columbia Center.
CAC founder Cecconi said about the consolidation, "Our ‘client-first' culture and commitment to professional excellence and innovation have led to more than two decades of solid growth for our business. We are very excited to join forces with CBRE. By capitalizing on CBRE's global platform and unsurpassed service offering, we will be able to accelerate our growth and both broaden and enhance the services we provide to our clients. We believe that the regional marketplace will now receive something new-the combined strength of the premier global real estate company with the experience and relationships of a premier San Francisco-based commercial real estate services company."