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CBRE now one of the world's largest property managers after acquiring competitor

CBRE Group Inc. substantially expanded its property management business Tuesday, completing a nearly $1.5-billion acquisition of competitor Global Workplace Solutions. The deal makes the Los Angeles real estate services company one of the largest property managers in the world and reduces the public company's reliance on commissions from brokering property sales and leases. Global Workplace Solutions had 14,000 employees who managed 1.2 billion square feet of property for clients in 75 countries. CBRE had an existing business of 24,000 employees managing 3.8 billion square feet. GWS was a division of Johnson Controls Inc., a Milwaukee technology company founded in 1885 with the...

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