CBRE Pays $57M To Acquire Project Management Firm From Balfour Beatty
The world's largest commercial real estate services firm is spending more than $50M to better penetrate program management for the public sector and sporting facilities.
CBRE has entered into an agreement to acquire Atlanta-based Heery International for $57M. Founded in 1952, Heery has 19 offices across the United States with more than 500 employees.
CBRE bought Heery from Balfour Beatty, where it functioned as the global contractor's project and program management and engineering arm. It also specializes in architecture and design.
What Heery brings to the table for CBRE is a deeper penetration with clients in the public sector, especially public schools, higher education and justice, as well as with sports facilities and arenas, Heery CEO Ted Sak told Bisnow. Most recently, Heery helped to redevelop the former Turner Field Atlanta Braves stadium for Georgia State University's football program.
“From the client standpoint, it's really bringing the expertise from the private side and public side,” Sak said.
CBRE Global Group President Mike Lafitte said as much in the announcement of the acqusition, adding that Heery has client relationships that span decades.
“We are particularly excited about Heery's ability to deepen our relationships in the public and educational sectors, grow our position in such new vertical segments as aviation and sports, and add capabilities and expertise in design engineering services,” Lafitte said.
Other notable Heery projects include the current renovation of West Virginia University Milan-Puskar Stadium, program management for the $8B Hartsfield-Jackson Atlanta International Airport capital improvement program and a handful of facilities for the General Services Administration.
Once the transaction closes, which CBRE expects to happen by the end of the year, Sak and Chief Operating Officer Glenn Jardine will continue to lead Heery.
