CBRE Group, Inc. Enhances Retail Real Estate Services Offering in the U.S. Mid-Atlantic Region with Acquisition of Fameco
LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYS: CBG) today announced it has acquired Fameco, a leading firm specializing in retail real estate services in the U.S. Mid-Atlantic region. The acquisition of Fameco significantly bolsters CBRE's retail service offering in the greater Philadelphia area and throughout the Mid-Atlantic region.
Founded in 1992, Fameco provides retailer representation, agency leasing, investment sales, land brokerage and property management in Pennsylvania, New Jersey and Delaware. With the acquisition, CBRE will add 250 shopping centers and retail properties, totaling 20 million sq. ft., to its leasing portfolio; 20 million sq. ft. of retail property management assignments; and 75 retailers to its tenant representation roster.
"The Fameco professionals are a wonderful addition to our team," said Robert Walters, Executive Managing Director, Philadelphia, for CBRE. "They fit our culture perfectly, share our passion for excellence and complement our existing capabilities extremely well. By bringing together the power of CBRE's global platform with the specialized retail expertise of Fameco, we will further enhance both our position in the marketplace and the quality of our service offering."
"We are very excited about the possibilities that should open up for us - and for our clients - now that we are part of CBRE," said Brandon Famous, co-founder of Fameco.
"We have worked diligently for the past two decades to provide our clients with premier services," added Jeffrey Cohen, co-founder of Fameco. "By joining forces with CBRE and accessing its deep capabilities, resources and collaborative culture, we can more effectively meet our clients' needs on a regional, national and global basis."
"The Fameco acquisition reflects our strategy to strengthen our presence in the retail real estate sector nationally," said Cal Frese, Chief Executive Officer, Americas, for CBRE. "We see considerable opportunity to expand the depth and breadth of our service offering to retail investors and occupiers across the country, and this transaction certainly advances our growth agenda."
Besides Mr. Famous and Mr. Cohen, more than 100 Fameco professionals will join CBRE. CBRE's plan is for the Fameco team to do business under the trade name of CBREFAMECO, pairing the industry's most widely recognized global brand with a brand that is synonymous with excellence in retail real estate throughout the Mid-Atlantic region.
About CBRE Group, Inc.
CBRE Group, Inc. (NYS: 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 (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
"Safe Harbor" Statement Under the U.S. Private Securities Litigation Reform Act of 1995
Certain of the statements in this release regarding the acquisition of Fameco 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. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate Fameco with CBRE's existing operations, as well as other risks and uncertainties discussed in CBRE's filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it 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 risks to CBRE's business in general, please refer to CBRE's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at firstname.lastname@example.org.
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