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12/09/13
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Leading real estate services firm CBRE Group Inc closed on a substantial acquisition in San Francisco, having purchased The CAC Group (CAC), one of the leading commercial real estate firms in the city. The acquisition significantly enhances CBRE’s service offering in downtown San Francisco, making it the number one provider of commercial property management and leasing in one of the strongest and fastest growing office markets in the United States.
John Cecconi, Bill Cumbelich and Gary Arabian founded CAC in 1990 to provide sales and leasing expertise to owners and occupiers and were joined by Mary Wiese in 1994 to launch the firm’s property management business. CAC is agent for approximately 18 msf and manages approximately 11 msf of office properties in downtown San Francisco, the greater Bay Area and Seattle (including Bellevue). CAC employs 130 real estate professionals.
CAC has a track record of producing strong results for its clients, having completed nearly 3,000 sales and lease transactions since 2000. In addition, CAC has a growing presence in the Seattle/Bellevue area, where it has an office leasing and property management portfolio in excess of 3 msf, which includes the 76-story Columbia Center.
“Our ‘client-first’ culture and commitment to professional excellence and innovation have led to more than two decades of solid growth for our business,” said Cecconi. “By capitalizing on CBRE’s global platform and unsurpassed service offering, we will be able to accelerate our growth and both broaden and enhance the services we provide to our clients. We believe that the regional marketplace will now receive something new—the combined strength of the premier global real estate company with the experience and relationships of a premier San Francisco-based commercial real estate services company.”
Along with Cecconi, Arabian, Cumbelich and Wiese, CAC principals Tom Poggi, Angus Scott, David Terzolo and Bruce Wilson will be joining CBRE and will continue to focus on serving clients.
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