CHICAGO—CBRE Group, Inc. has just acquired US Equities Realty, LLC, one of Chicago’s top real estate firms, officials from both companies said yesterday, and the two will combine their Chicago area operations. US Equities leases and manages about 17-million-square-feet of Chicago property, including the Willis Tower, formerly known as the Sears Tower, and 2.5-million-square-feet on the city’s prestigious Michigan Ave. The terms of the deal were not disclosed.
“With today’s announcement, we are re-defining excellence in Chicago real estate services,” said Chris Connelly, executive managing director of the Chicago region for CBRE. “We’re bringing together two of Chicago’s most highly regarded and successful firms that share common values and a passion for outstanding client service. We are thrilled to have US Equities join us, and we look forward to working with our new colleagues to enhance the services we offer our clients.”
US Equities was founded in 1978 and has either developed, renovated, repositioned, managed or leased buildings such as the Willis Tower, the John Hancock Center, Harold Washington Library, Stroger Hospital, One Financial Place, Comer Children’s Hospital and Millennium Park. The firm’s US portfolio currently includes more than 500 properties across the office, retail, institutional, dormitory and residential sectors.
“Throughout our 36 year history, US Equities has aggressively pursued every opportunity to anticipate the changing needs of our clients,” said Bob Wislow, its chairman and chief executive officer. “CBRE’s global platform, along with its extensive service offering and broad expertise, will expand and enhance our ability to serve clients – in Chicago and around the world – and to provide additional growth opportunities for our professionals. In turn, the development/program management, owner’s representation and consulting services we provide will strengthen the services CBRE can provide to its clients.”
US Equities principals Camille Julmy and Nancy Pacher will become vice chairmen of CBRE Chicago; Katie Scott and Marty Stern will join CBRE as senior managing directors; and Wislow will serve as chairman of CBRE Chicago.
Under the terms of the agreement, CBRE acquired US Equities’ US operations, and about 400 of the firm’s professionals in Chicago will continue to service their clients in the same way. US Equities’ Latin American operations were not included in the deal.