Los Angeles, 31 July 2014 – CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired Paragon Project Management Pty Ltd, a leading specialised project management company. The acquisition materially strengthens CBRE’s position as a leader in corporate real estate services in the Pacific Region.
Paragon’s national team of 26 professionals will be integrated with CBRE’s existing Project Management division in Pacific. The combined operation will employ a staff of 70 Project Management professionals with broad and deep capabilities.
Tom Southern, President and CEO of CBRE’s Australian & New Zealand operations, said the acquisition reflects the Company’s continued focus on the growth of its Global Corporate Services business.
“We will be able to provide an expansive, first class diversified service offering to clients in Australia and New Zealand, given the quality, experience and resources of the combined team,” Mr Southern said.
Chris Hynes, the Senior Managing Director of CBRE’s Pacific Global Corporate Services team, said: “Paragon is one of the leaders in Project Management in Australia. The quality of their people and client relationships was extremely attractive to us as was their track record in delivering landmark construction and fit-out projects across the country.”
Paragon has provided a range of consultancy services to the building and construction industry for the past 25 years through offices in Sydney, Brisbane and Perth. Paragon founder Ian Rea will lead the integrated CBRE Project Management team. Other senior members of the team will include Scott Jackman, Geoff Warren and Adam Currall.
Mr Rea said the CBRE deal would provide Paragon with access to a broader client base and the resources of a market-leading global business. ‘’The strength of the CBRE brand will enhance our ability to continue to grow the business, while offering our existing staff greater career opportunities,’’ Mr Rea said.
Paragon has a proven track record working for both the owners and occupiers of space in Australia and New Zealand across all project sectors, including multi-unit residential, commercial development, building refurbishment/repurposing, civil subdivision and land remediation projects, data centres, aged care and health facilities, and projects for all levels of government.
Significant recent assignments include project managing the fit-out of BHP Billiton’s 35-floor occupancy in Brookfield Place in Perth, the ABC South Bank Studios in Brisbane and workspace projects for ANZ, Canon and Fairfax Media in Sydney and the Commonwealth Bank of Australia in both Sydney and Melbourne.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995
Certain of the statements in this release regarding the acquisition of Paragon Project Management that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability to successfully integrate the Paragon Project Management operations with CBRE’s existing project management operations in Australia and the Pacific Region, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE’s business in general, please refer to the Company’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at investorrelations@cbre.com.
