CBRE acquires Furman Co. segments

Staff Report
Published Jan. 21, 2014

Commercial real estate services and investment firm CBRE Group Inc. acquired several business segments from Greenville-based The Furman Co. Inc., including its commercial real estate brokerage, investment property sales and property management services businesses.

Previous coverage:

The terms of the acquisition were not disclosed. CBRE Group was trading at $26.29 per share midday on the New York Stock Exchange under the ticker symbol CBG.

These Furman Co. business segments have served as CBRE’s Upstate South Carolina affiliates since 2010 under the name CBRE Furman, which serves the 10-county Upstate region. The Furman Co. will retain its development, investment advisory, and risk management-insurance agency businesses under the leadership of the firm’s president Steve Navarro.

“Our brokerage, investment sales and property management business has achieved a strong position in the market,” said Navarro, who will continue to lead The Furman Co. and preserve his affiliation with CBRE in a consulting capacity. “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.”

Navarro could not be reached for comment before this article was published. Navarro recently partnered with Beaufort developer Jim Chaffin on a project to redevelop a waterfront parking lot in Beaufort’s historic Downtown Marina in November.

CBRE Furman Managing Principal Steve Smith will join CBRE as managing director of S.C. operations. CBRE will acquire 18 employees and other staff, as well as 4.5 million square feet of office, retail and industrial property, as a result of the deal.

“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 CBRE Southeast Region Executive Managing Director John Fergusen. “We see significant growth opportunities in South Carolina, and our Greenville area operations will realize significant positive synergies with our other offices throughout the Southeast.”

CBRE’s acquisition follows the group’s purchase of the CB Richard Ellis Carmody affiliate in Charleston in November. CBRE Group Inc. is a Los Angeles-based commercial real estate services and investment firm with around 37,000 employees in more than 300 offices worldwide.

Email Print

Do you give this article a thumbs up? Thumbs_upYes