SAN FRANCISCO-CBRE Group Inc. has acquired San Francisco-based brokerage firm, the CAC Group. The acquisition significantly enhances CBRE's service offering in downtown San Francisco, making it the number one provider of commercial property management and leasing in one of the strongest and fastest growing office markets in the U.S.
CAC has a track record of producing strong results for its clients, having completed nearly 3,000 sales and lease transactions since 2000. CAC is agent for approximately 18 million square feet and manages approximately 11 million square feet of office properties in downtown San Francisco, the greater Bay area and Seattle (including Bellevue). CAC employs 130 real estate professionals.
In addition, CAC has a growing presence in the Seattle/Bellevue area, where it has an office leasing and property management portfolio in excess of 3 million square feet, which includes the 76-story Columbia Center.
“This is a great day in the history of commercial real estate in San Francisco. CBRE was founded in San Francisco in 1906, and today we have created the premier real estate company in The City,” says Steven Swerdlow, CBRE's COO for the Americas, and president of the Western Division. “CAC has been a recognized leader in commercial real estate in San Francisco for almost a quarter of a century. Most importantly, they share our values and commitment to being a world-class, client-focused real estate advisor.”
John Cecconi, one of the founders of CAC in 1990, says that “By capitalizing on CBRE's global platform and unsurpassed service offering, we will be able to accelerate our growth and both broaden and enhance the services we provide to our clients. We believe that the regional marketplace will now receive something new—the combined strength of the premier global real estate company with the experience and relationships of a premier San Francisco-based commercial real estate services company.”
Along with Cecconi, Gary Arabian, Bill Cumbelich and Mary Wiese, CAC principals Tom Poggi, Angus Scott, David Terzolo and Bruce Wilson will be joining CBRE and will continue to focus on serving clients.
It's a busy time for mergers. As GlobeSt.com previously reported, El Paso-based Hunt Cos. Inc. recently completed its acquisition of Centerline Holding Co. The transaction puts all of Centerline's common shared in the hands of a Hunt affiliate, and Centerline will operate as a subsidiary of Hunt.
Another recent example came in early November, when officials from HomeServices of America Inc., a Berkshire Hathaway affiliate, said that the company had acquired Chicago-based Prudential Rubloff Properties and its subsidiaries Rubloff Insurance and Sterling Title Services LLC. Furthermore, HomeServices of America will merge the new acquisitions with Chicago-based brokerage Koenig & Strey Real Living Real Estate, which it acquired in September 2009. Each will retain their names until the combined company debuts in the spring as Berkshire Hathaway HomeServices KoenigRubloff Realty Group.
And in another in October, GlobeSt.com reported that Coldwell Banker Commercial Sudweeks Group and Coldwell Banker Commercial Lazar and Assoc. had merged. The two companies intend to expand territories to San Diego, Riverside and San Bernardino Counties.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
