CBRE Completes Turner & Townsend Integration As Clancy Joins Board

CBRE Group, Inc., a leading global commercial real estate services firm, has finalized the integration of its project management division with Turner & Townsend, its majority-owned subsidiary. This strategic merger aims to leverage the combined expertise and resources of both firms, creating a powerhouse in the project management industry. Vincent Clancy, the CEO and Board chair of Turner & Townsend, has been appointed to the CBRE Board of Directors, bringing decades of expertise and a track record of significant revenue growth to the firm. Under Clancy's leadership, Turner & Townsend's revenue escalated from $225 million in 2008 to in excess of $1.9 billion in 2023. CBRE now holds a 70% stake in the unified business, which will be reported as a standalone division within its financial statements to enhance transparency. The merger is expected to capitalize on burgeoning trends in sectors like infrastructure and green energy transition, with projected benefits rooted in the consolidation of capabilities, a global presence, and strategic sector expertise.