CBRE Group, a commercial real estate and investment firm, has acquired San Francisco-based Custom Spaces, a real estate brokerage firm that advises tech companies. No financial terms were disclosed.
LOS ANGELES–(BUSINESS WIRE)–CBRE Group, Inc. (NYSE: CBG) today announced the acquisition of the business of Custom Spaces, a San Francisco-based, technology-focused boutique real estate brokerage firm that advises leading technology companies such as Airbnb, Cruise Automation, Medium, Gusto and Coinbase, on occupancy strategies. The acquisition confirms CBRE as the leading real estate advisor in the Bay Area for technology companies and fortifies its Technology Practice globally.
Jenny Haeg, founder and CEO of Custom Spaces, will join CBRE as a Vice Chairman within its Advisory & Transaction Services business and will have a leadership role with CBRE’s global Technology Practice. This practice group consists of CBRE Advisory and Transaction Services professionals who collaborate to meet the real estate requirements of technology companies – from Fortune 100 multi-nationals to high-growth, mid-cap companies, to emerging venture capital backed start-ups.
“We are delighted that Jenny and her team have joined CBRE,” said Joe Wallace, Executive Managing Director, Bay Area, CBRE. “Tech companies operate in an incredibly dynamic environment. There are very few real estate advisors who, like Custom Spaces, both understand the unique requirements of the tech sector and can implement related plans quickly at scale. CBRE’s global service offering ensures that Custom Spaces and their clients have access to best-in-class strategy, analytics and real estate execution anywhere in the world.”
“Custom Spaces was founded to help technology companies scale and achieve their real estate objectives in a way that is consistent with their unique identity and culture. In speaking with CBRE leadership, it quickly became apparent that they shared our mission of a service-based firm that puts our clients’ needs first in a personalized way. Joining forces with CBRE and leveraging their market-leading position globally and broad-based service offering, will enable us to do this for more clients, in more ways and in more markets. We are excited to continue building the definitive real estate platform for technology companies around the world,” said Ms. Haeg.
“We are excited to welcome Custom Spaces’ valued clients to CBRE. The combination of our two firms creates a powerful and market-leading platform to serve technology companies. We look forward to earning the right to help these important clients grow by consistently delivering exceptional outcomes – on every assignment,” said Jack Durburg, CEO, Americas, CBRE.
“Custom Spaces has built a very capable team and great brand through a tireless commitment to acting in the best interest of its clients and cultivating strong relationships. Joining forces with CBRE will undoubtedly bring access to cross-disciplinary expertise and horsepower that will only further help Airbnb achieve our real estate goals and objectives,” said Tido Pesenti, Director, Global Real Estate, Procurement & Travel, Airbnb.
Ms. Haeg founded Custom Spaces in 2011. In addition to the Bay Area, the firm has developed real estate solutions for tech companies in markets such as New York, Los Angeles, Tokyo and London.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. 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. Please visit our website at www.cbre.com.