CBRE Group Inc. (NYSE: CBRE), the world's largest commercial real estate services and investment firm, is moving its headquarters from California to Dallas, according to multiple sources with knowledge of the deal.
The company is already a major player locally with at least four offices in North Texas, including its main office at 2100 McKinney Ave. in Uptown. CBRE's current headquarters is listed as 400 South Hope Street in downtown Los Angeles.
Some of CBRE's top executives are already based in Dallas, including the company’s CFO, Leah Stearns, and CBRE's Global CEO of Real Estate Investments, Mike Lafitte. The company's local operations are headed by Michael Caffey, president of advisory services for the South-Central Division and Latin America.
CBRE's top executive is President and CEO Robert Sulentic, a former Trammell Crow Company chief executive who was named CEO of CBRE after the Los Angeles-based firm acquired the Dallas-based development and property management company in 2006.
In a 2018 interview with the Business Journal, Sulentic said he spends more than 40 weeks per year on the road and calls both Dallas and Los Angeles home. North Texas is one of CBRE’s largest markets, with a heavy concentration of the company’s biggest clients.
When reached Wednesday, a CBRE spokesperson declined to comment.
It is not known what the headquarters move will mean for CBRE's local offices, but sources suggest one possible location for a consolidation could be a recently proposed office tower at 2401 McKinney Ave. in Uptown Dallas. Being developed by Trammell Crow, the 27-story tower will reportedly have 670,000 square feet of office space.
As of Dec. 31, 2019, CBRE operated more than 530 offices worldwide and had more than 100,000 employees serving clients in more than 100 countries.
CBRE is the latest Fortune 500 giant to relocate to North Texas, as the company boasts the No. 128 spot on the 2020 list, and the next in a long line of companies coming to DFW from California.
Last year, McKesson Corp. left San Francisco for Las Colinas, just after Core-Mark Holding announced it would leave the Bay Area for Westlake. More recently, Charles Schwab nailed down Jan. 1 as the official move-in date for their Westlake campus headquarters.
This is a developing story. For the latest updates, visit DallasBusinessJournal.com.