CBRE has expanded its Trammell Crow Company (TCC) real estate development business in the UK with the purchase of office developer Candour.
TTC refused to reveal how much it paid for Candour.
Candour’s founders Toby Pentecost and Dan Rees will join TCC as senior vice-presidents and co-heads of UK offices.
TCC, the largest real estate developer in the US, has an existing industrial and logistics development footprint across multiple European markets. The acquisition broadens its capabilities into the UK office market.
Candour has around 850,000 sq ft of commercial projects under construction or in the pipeline, including the Welcome Building in Bristol, 39 Deansgate in Manchester city centre, and the strategic repositioning of two London office assets.
TCC European president David Neuman said: “With Dan and Toby leading our efforts, we are well positioned to make an immediate impact in the sector.
“The team’s entrepreneurial spirit, focus on developing best-in-class, environmental, social and governance-focused projects and maximising outcomes for all stakeholders is aligned with our firm’s philosophy.”
Pentecost added: “We are excited to be accelerating our growth and expansion with TCC. Together we will have the capacity to create even more prime, sustainable developments that inspire the world of work and that will allow us to continue to serve our occupiers and capital partners and provide positive returns for all our stakeholders.
“The opportunity to help lead the largest US developer’s expansion into the European offices market for the first time is a tremendous endorsement of what we have created with Candour.”