CBRE and Turner & Townsend Project Management Deal Completes

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03 January 2025

CBRE has now combined its project management arm with subsidiary Turner & Townsend.

Turner & Townsend has been a majority-owned subsidiary of CBRE since 2021 in a deal worth £960 million. CBRE now owns 70 per cent of the combined Turner & Townsend/CBRE Project Management business. From January 2025, CBRE will report its own standalone project management business segment. 

Vincent Clancy, Board Chair and CEO of Turner & Townsend has also joined CBRE’s Board of Directors. He said: “The strong momentum we’ve built over the past three years will continue to grow now that we’ve combined two great businesses into one integrated, pure play project management capability. Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence is unparalleled in program and project management. I’m also energised to join CBRE’s Board and look forward to working with my fellow Directors as we build a resilient, highly diversified business that is second to none in our industry.”

Turner & Townsend’s revenue has increased from about $225 million in 2008 to more than $1.9 billion in 2023, under Vincent’s leadership.

Bob Sulentic, CBRE’s Chair and CEO, added: “Our unified project management business represents an offering that is unmatched for its scale and breadth of capabilities. Under Vincent’s exemplary leadership, it is poised to benefit from powerful secular trends in areas like infrastructure, green energy transition and employee experience.

“Our Board will benefit greatly from the insights Vincent has developed from running a highly successful global business and his deep knowledge of key growth sectors for CBRE.”

Picture: a photograph of Vincent Clancy. Image Credit: CBRE

Article written by Ella Tansley | Published 03 January 2025

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