LOS ANGELES--(BUSINESS WIRE)--Please replace the release with the following corrected version due to a typographical fix to the Safe Harbor statement.
The corrected release reads:
CBRE GROUP, INC. ACQUIRES WHITESTONE RESEARCH CORPORATION, AN INDUSTRY-LEADING FACILITIES COST ANALYTICS FIRM
CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired Whitestone Research Corporation, an industry-leading provider of facilities related cost analytics tools and services. Based in Santa Barbara, CA, Whitestone provides consulting services, cloud and server-based software tools and statistical indices that accurately model, forecast, and benchmark facilities costs for single assets and global real estate portfolios. Whitestone also publishes operations and maintenance and repair cost references for markets worldwide.
“Our clients rely on CBRE for strategic advice to maximize the efficiency of their portfolio and optimize their facilities expenses,” said Bill Concannon, CBRE’s CEO of Global Corporate Services (GCS). “Whitestone’s benchmarking and analytical tools, combined with the expertise of their professionals, will enable CBRE to take a more sophisticated, data-driven approach to advising both occupier and investor clients regarding facilities costs.”
Among Whitestone’s proprietary technologies is CostLab, its online cost analytics tool, which forecasts operating and maintenance costs for every asset type in over 400 worldwide locations. Widely recognized as one of the leading analytical tools in the industry, CostLab provides detailed cost comparisons for maintenance and repair, custodial, energy, grounds management, pest control, refuse removal, road clearance, security, telecommunications and water and sewer functions. By acquiring Whitestone, CBRE significantly enhances its facilities cost analytics expertise, complementing its position as a recognized global leader in rent and labor cost analysis. CBRE currently manages over $32 billion in operating expenses for client facilities.
CBRE and Whitestone have established an interactive website (www.whitestoneresearch.com/CBRE) that offers an opportunity to experience Whitestone’s CostLab tool and publications.
“We are very excited to join CBRE and look forward to bringing our analytical capabilities and tools to CBRE’s blue-chip clients,” said Peter Lufkin, who founded Whitestone in 1993. “Our products and services enhance CBRE’s expertise in a host of areas, most notably facilities management. By coming together, we will provide more innovative facilities cost benchmarking, modeling, and forecasting capabilities for clients globally.”
The Whitestone team will be part of CBRE’s GCS Consulting Group, led by Karen Ellzey, Executive Managing Director.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facility and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995
Certain of the statements in this release regarding the acquisition of Whitestone Research Inc. that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the parties to successfully integrate Whitestone with CBRE’s existing GCS Consulting practice and to provide Whitestone’s services to CBRE’s clients, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CBRE’s business in general, please refer to the Company’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CBRE Investor Relations Department at email@example.com.