CBRE has wrapped up the combination of its own project management business with Turner & Townsend, its majority-owned subsidiary.
As part of the process, launched earlier this year, Turner & Townsend chair and chief executive Vincent Clancy has joined CBRE’s board. Under Clancy’s leadership, Turner & Townsend’s revenue increased to more than $1.9bn (£1.5bn) in 2023, from around $225m in 2008.
CBRE owns 70% of the combined Turner & Townsend/CBRE project management business. Since becoming a majority-owned subsidiary of CBRE in November 2021, Turner & Townsend’s revenue has increased at a compound annual rate of more than 20%.
“Our unified project management business represents an offering that is unmatched for its scale and breadth of capabilities,” said CBRE chair and chief executive Bob Sulentic. “Under Vincent’s exemplary leadership, it is poised to benefit from powerful secular trends in areas such as infrastructure, green energy transition and employee experience.”
Photo: Vincent Clancy © Turner & Townsend
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