The CBRE Group Inc., a real estate services and investment firm headquartered in Los Angeles, announced Tuesday that it has acquired the commercial real estate brokerage, investment property sales and property management services business of The Furman Co. Inc. and some of its affiliates.
CBRE | Furman has served as CBRE’s affiliate in the Upstate since 2010. The brokerage, investment property sales and property management business – which is based in Greenville –serves the 10-county Upstate region. According to a press release, the acquisition enhances CBRE’s ability to serve clients across the region, adding 18 sales and leasing professionals along with other staff as well as 4.5 million square feet of office, retail and industrial property under management. With the acquisition, the CBRE | Furman business will now operate as CBRE.
“Our brokerage, investment sales and property management business has achieved a strong position in the market,” said Steve Navarro, president of The Furman Co. “This business is now poised to thrive further by becoming part of CBRE’s premier global platform, where it can meet a broader range of client needs than anywhere else in the world. This will open up tremendous opportunities for CBRE clients.”
The Furman Co., a 125-year-old firm, will retain ownership and control of its development, investment advisory and risk management/insurance agency businesses. These businesses, which will not be purchased by CBRE, will continue to operate independently under The Furman Co. brand and will be led by Navarro. Navarro will also serve as an executive vice president at CBRE in a client-facing, business development role.
Steve Smith, managing principal of CBRE | Furman, will join CBRE as managing director of its operations in South Carolina. Smith will have leadership responsibility for the entire state, including the acquisition of CBRE Carmody in Charleston, announced in November 2013.
“It says a lot about Greenville and the Upstate market with CBRE making this acquisition,” said Smith. “CBRE is very bullish and has confidence in not only us, but the market as a whole.”
Smith says that The Furman Co. and CBRE will continue to share offices at its current location in the Bank of America building for “a period of time” but expect to eventually split the space and have separate operations.
“The CBRE | Furman professionals are widely considered to be the best in their market, and we are very excited to have them join our company,” said John Ferguson, executive managing director for CBRE’s Southeast region. “We see unlimited growth and opportunity within this region.”
