DALLAS – (Realty News Report) – CBRE Group, the world’s largest commercial real estate services and investment firm, is moving its headquarters from Los Angeles to Dallas.
The real estate company, which is scheduled to report its third quarter earnings on Thursday, could announce the headquarters relocation during the conference call with analysts. People familiar the situation confirmed the headquarters move, although there was no official confirmation from the firm.
A Fortune 500 company, CBRE has more than 100,000 employees and serves real estate investors and occupiers through more than 530 offices worldwide.
The move to Dallas is not expected to involve a significant number of employees transferring to Texas. However, having a corporate headquarters of a large corporation enhances a city’s prestige and reputation.
CBRE CEO Robert Sulentic reportedly has an office in Dallas and has been working there some. Sulenticc began his real estate career with Trammell Crow Company in 1984 as an Industrial Leasing Agent in Houston. Sulentic was elected President and CEO of Trammell Crow Company in October 2000, and he became Chairman of the Board in April 2002. He served in those roles when Trammell Crow Company merged with CBRE in late 2006.
CBRE, which has maintained its headquarters on South Hope Street in Los Angeles, has been headquartered in California for many years. Gary Beban, a Heisman Trophy winner and star quarterback for UCLA, went into real estate and was president of CBRE from 1987 to 1998.
CBRE joins a long list of companies that have pulled out of California, which has been called a high-tax state. Last month, the California governor signed an order banning the sales of new gasoline powered autos by 2035 – not good news for Chevron gas stations and the entire energy industry.
CBRE has a large office in Houston, where it has over 200 licensed real estate professionals, according to survey by the Houston Business Journal.
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.
Oct. 28, 2020 Realty News Report Copyright 2020
File: CBRE Moving Headquarters from California
Caption: CBRE offices in Las Vegas under construction. Rendering
File: (2) Gary Beban. UCLA. CEO Robert Sulentic. Trammell Crow. CBRE Moving Headquarters from California