The world’s biggest real estate services company just got bigger.
CBRE continued it’s flurry of acquisitions over the past 12 months with two strategic investments as the company continues a push to further expand its service offerings and geographic reach.
CBRE acquired Noveen Consulting, a firm focused on helping healthcare facility owners improve the economics of owning and operating healthcare facilities. Noveen, based in Louisville, Kentucky, serves healthcare systems throughout the U.S.
“The environment for healthcare providers continues to evolve rapidly and Noveen gives CBRE another significant advantage in helping our clients to achieve innovative facility & technology outcomes,” said Curt Grantham, Global President of Project Management, CBRE.
Noveen and its team of professionals, headed by Mo Deljoo, will become part of the project management line of business within CBRE.
CBRE also acquired CB Richard Ellis-N.E. Partners, a long-standing New England joint venture with Whittier Partners Group and the largest full-service commercial real estate services operation in New England.
This is the second move to bolster CBRE’s New England platform this year. In February 2018, a group of top commercial real estate professionals from Transwestern, led by Steve Purpura, joined CBRE.
“Joining forces with CBRE along with Steve Purpura and our new colleagues will ensure CBRE’s market leadership in the New England market for the foreseeable future,” said Andy Hoar, president/co-managing partner, CBRE/New England.
Experts have cited CBREʼs revenue mix of contractual sources and leasing — and its investment in technology — as a hedge against market disruption. As a result, it has enjoyed historical cash flow growth of 17.5 percent, exceeding the industry average of 10.34 percent. That liquidity and cash flow provides CBRE with a solid platform for growth, according to analysts.