CBRE Renews, Expands Relationship with Bank of America Merrill Lynch
The strength of CBRE Group Inc.'s association with Bank of America Merrill Lynch has gotten even stronger. The commercial real estate services firm just renewed and expanded its relationship with the global financial services company to include new territory.
By Barbra Murray, Contributing Editor
Mark Caskey, CBRE
The strength of CBRE Group Inc.’s association with Bank of America Merrill Lynch has gotten even stronger. The commercial real estate services firm just renewed and expanded its relationship with the global financial services company to include new territory.
A CBRE spokesman told Commercial Property Executive that the company has been working with BofA since the ’90s. The firm has been providing BofAML with transaction, project and facilities management, critical engineering, portfolio and consultancy services in Europe, the Middle East and Africa, Asia Pacific and Latin America. Per terms of the new contract, CBRE will extend those services to include BofAML’s operations in South Africa and its enterprise services Taiwan.
“Renewing the relationship across EMEA, APAC and LATAM … is testament to the strength of our integrated, cross-border service offering,” Mark Caskey, EMEA Head of Global Corporate Services at CBRE, said in a prepared statement.
CBRE certainly knows the territory. The firm has long had a presence across EMEA, Asia Pacific and Latin America, and over the last few years, has significantly expanded its footprint in Europe and Asia. At the close of 2013, CBRE completed its acquisition of London-based Norland Managed Services Ltd., a provider of engineering services in the U.K., Ireland and Singapore. As Bob Sulentic, CBRE president and CEO, said during the firm’s fourth quarter earnings call in early February, the $434 million purchase substantially bolsters its business in EMEA. Additionally, in 2012, CBRE grew in Asia with the acquisition of its affiliate company in Vietnam, CB Richard Ellis (Vietnam) Co., Ltd. And in 2011, the firm snapped up the majority of Netherlands-based ING Group N.V.’s real estate investment management business for $940 million in cash in a transaction that included substantially all of the ING Real Estate Investment Management operations in Europe and Asia.
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