CBRE Group, Inc. announced this week that it had acquired The CAC Group (CAC), one of San Francisco's most dominant real estate brokerage and property management firms. While terms of the deal were not disclosed, CBRE did announce that the acquisition makes CBRE the number one provider of commercial property management and leasing in one of the strongest and fastest growing office markets in the United States. CAC was founded in 1990, and employs 130 real estate professionals, serving as agent for approximately 18 million sq. ft. and manages approximately 11 million sq. ft. of office properties in downtown San Francisco, the greater Bay area and Seattle (including Bellevue).
"It's really no secret that we felt that CBRE was the ideal match to take our company to the next generation," said Bill Cumbelich, a co-founder and principal of CAC, in a San Francisco Business Times article. "When we had a client that, let's say, was based here in San Francisco and was growing nationally or globally, we were not able to help them. But with CBRE — that's exactly what they can do."
"This is a great day in the history of commercial real estate in San Francisco. CBRE was founded in San Francisco in 1906, and today we have created the premier real estate company in The City," said Steven Swerdlow, CBRE's Chief Operating Officer for the Americas, and President, Western Division. "CAC has been a recognized leader in commercial real estate in San Francisco for almost a quarter of a century. Most importantly, they share our values and commitment to being a world-class, client-focused real estate advisor."
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