LOS ANGELES—CBRE Group Inc. said Tuesday it would acquire Johnson Controls' Global Workplace Solutions unit, which serves corporate real estate tenants globally with integrated facilities management. The $1.475-billion acquisition does not include Milwaukee-based Johnson Controls' building efficiency or automotive businesses.

GWS will operate as part of CBRE's Global Corporate Services business, which has seen revenues increase at a double-digit compound annual growth rate over the past decade, as more major corporations and other institutions outsource their real estate services. Although CBRE has not acquired Johnson Controls' building efficiency unit, that business nonetheless is a component of the deal announced Tuesday.

Specifically, the two companies have forged a 10-year strategic relationship in which CBRE will provide Johnson Controls with a full suite of integrated corporate real estate services—including facilities management, project management and transaction services—on more than 50 million square feet. For its part, Johnson Controls will offer a factory-direct relationship on HVAC equipment, building automation systems and related services to CBRE for its managed properties.

“The exceptionally talented GWS team will greatly enhance our service offering for occupiers around the world,” says Bob Sulentic, CBRE's president and CEO of CBRE. John Murphy, president of GWS, will join GCS as COO when the deal closes, reporting to Bill Concannon, CEO of GCS.

Between them, CBRE and GWS will manage nearly five billion square feet of real estate and corporate facilities globally. That includes 2.3 billion square feet in the Americas, 1.2 billion square feet in Europe, the Middle East and Africa and 1.4 billion square feet in Asia Pacific. GlobeSt.com will provide follow-up coverage of the deal later on Tuesday.