Sanford Criner, an executive vice president of the newly formed group, tells GlobeSt.com that the closing took place as planned late last week. The acquisition puts Trione & Gordon in charge of tenant representation and corporate services in the city plus CBRE's global energy practice for offices in Calgary, Canada, Aberdeen, Scotland, Sao Paulo, Brazil, London, Singapore, Paris and Mexico City.
William Penland, senior managing director and head of CBRE's local office, says the Trione & Gordon name stays out front for two years. Then, the name will be changed to CB Richard Ellis, he says. Earlier in the acquisition talks, Trione & Gordon, formed nearly 20 years ago by Gerard Trione and Charles Gordon, dropped a 12-year relationship as the local affiliate for Oncor International.
Criner says Trione & Gordon had been seeking a way to offer international services to clients like Enron Corp., Schlumberger Ltd. and Anadarko Petroleum Corp., noting the "largest, most complex and most interesting deals" require such a platform. From Penland's perspective, CBRE is the only platform that would allow Trione & Gordon to consistently service its many worldwide clients.
CBRE had targeted 25 US markets to be the dominant commercial real estate player. Its merger in the summer with Insignia/ESG accomplished that goal in 23 markets. Penland isn't discussing the combined firms deal volumes, but did say that CBRE should now hold "the dominant position in the Houston market."
The combined staff will consist of 42 from Trione & Gordon and 128 on the CBRE side, of which 65 are sales professionals. According to Criner, Trione & Gordon will retain its CBD office at 1100 Louisiana while CBRE's main office will stay at 2700 Post Oak Blvd. in the Galleria. Penland says it makes sense to hold the separate locations and most likely will be "permanent" since many of Trione & Gordon's clients are located in the CBD.
Trione & Gordon's five principals--Criner, Trione, Gordon, Craig Beyer and Steve Hesse--will assume executive vice president roles. Aside from that, Penland says there are no other significant title changes as a result of the acquisition.
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