CBRE Acquires Custom Spaces, The Bay Area’s Premier Boutique Real Estate Advisor To The Tech Sector
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
Los Angeles – October 18, 2017 – 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. While this acquisition confirms CBRE as the leading real estate advisor in the Bay Area for technology companies, it is also expected to have a significant impact in the Dublin market due to the significant technology focus within this market.
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 Paddy Conlon, Executive Director, Dublin, 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 advisory 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 Dublin, 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.
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 email@example.com.