Commercial property giant CBRE Group doesn’t plan to relocate people here from its old headquarters in Los Angeles. But the company’s move to Dallas will bring more jobs as CBRE grows in the years ahead, CEO Robert Sulentic said Thursday.
“This is such a prominent place for growth for our company,” Sulentic said. “We believe that Dallas will be a great place to source talent — a great place for real estate talent and a great place for tech talent."
CBRE — the country’s largest commercial property firm with almost $24 billion in annual revenues — confirmed its move Thursday morning. The company traces its history back in California to the early 1900s.
But the company’s biggest employment center is in the Dallas area, where it has more than 3,150 workers. CBRE has expanded its workforce in North Texas by almost 70% since 2012.
One of its largest operating units — developer Trammell Crow Co. — is based here. And Sulentic, who was previously the head of Crow, has been working out of the Dallas office for years.
Along with Sulentic, other CBRE top officers including CFO Leah Stearns, global chief operating officer Chris Kirk, global real estate investments CEO Mike Lafitte, chief administrative officer Chandra Dhandapani and chief diversity officer Tim Dismond are already in the Dallas office.
“We’ve got a lot of senior leaders here in Dallas,” said Sulentic, who’s 64. "My main home has been here.
“We’ve largely been running the company out of Dallas,” he said. “We are happy to be moving here, and we are going to give Dallas a lot of growth.”
/cloudfront-us-east-1.images.arcpublishing.com/dmn/FARMO5S7SBB5ZPNYIVXQA5BROQ.jpg)
The international property firm has more than 100,000 employees and more than 530 offices.
The company manages more than 6.8 billion square feet of real estate worldwide.
Crow has almost 8.5 million square feet of development underway in North Texas.
The company is working on plans for a new 27-story office tower just two blocks from where Sulentic’s office is located.
Sulentic said CBRE’s legal and finance team is based in the L.A. office, and the company plans to keep a major employment presence there.
“Like we do here in Dallas, we have a big market-facing presence out there,” he said. "Our investment management business — CBRE Global Investors — is headquartered there.
“Our development business has always been here,” Sulentic said. “Going forward, we are going to try and have a critical mass of leaders here.”
CBRE’s headquarters move will elevate Dallas' position as one of the country’s property industry capitals.
“When I think of the really mega-cities in our company in the U.S., what really comes to mind super quickly is New York, Dallas and Los Angeles,” Sulentic said.
During the first three quarters of 2020, D-FW has led the country in commercial property investments.
While CBRE’s headquarters change won’t quickly bring Dallas thousands of new workers, the shift is welcomed by local and state officials.
“CBRE has been an integral part of the Dallas economy for years, and I am thrilled that the company has decided to move its headquarters here,” Dallas Mayor Eric Johnson said in a statement. "The city of Dallas has a diverse and powerful economy that drives the fourth-largest metropolitan region in the country.
“And now, with the addition of CBRE, the city will boast the headquarters of 11 Fortune 500 companies," he said. "Today’s announcement from CBRE reflects confidence in our city’s immense potential and proves once again that Dallas is an economic powerhouse.”
“CBRE is the global leader in real estate and we are proud to welcome its headquarters to Texas,” Texas Gov. Greg Abbott said in a statement. “Texas has built an economic environment that allows innovative companies like CBRE to flourish, and I look forward to seeing the company continue to grow here, bringing greater prosperity to the Lone Star State.”
CBRE reported revenues for the most recent quarter of almost $5.7 billion — down 4.7% from a year ago.
“At the present time, COVID is putting downward pressure on parts of our business and creating larger opportunities in other parts,” Sulentic told investors. "We are continuing to take advantage of the strong secular growth trends that were driven by the last cycle, including occupier outsourcing, industrial and logistics space, institutional-quality multifamily assets and workplace experience services.
“We expect new secular opportunities to be created in the wake of COVID and are positioning our strategy and leadership focus and allocating our capital to make the most of them as this new cycle unfolds.”
CBRE handles more than $430 billion a year in global property transactions. The company purchased Dallas-based developer Trammell Crow Co. in 2006 in a transaction valued at more than $2 billion.
Sulentic started working for Crow in 1984. “I was an industrial leasing agent in Houston, and it was in the teeth of a big oil downturn,” he said.
From Texas, he went to a Crow office in New Jersey.
“For the first seven years I was in the business, I was in mostly bad markets.”
CBRE’s move to Dallas reflects what Sulentic said is his outlook of the future here.
“This has been a really great place to do business,” he said.
"bring" - Google News
October 29, 2020 at 09:14PM
https://ift.tt/3muUwvV
CBRE move to Dallas will bring future job growth to what is already its largest office - The Dallas Morning News
"bring" - Google News
https://ift.tt/38Bquje
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "CBRE move to Dallas will bring future job growth to what is already its largest office - The Dallas Morning News"
Post a Comment