CBRE Expands #Retail Services by Acquiring Fameco
Last week, CBRE expanded their retail presence by acquiring the Philadelphia based retail real estate company, Fameco. “Everything we do with our business is client-focused and it was clear to us that this merger was going to deliver to our most important clients – both institutional and private – exactly what they’re looking for in a real estate services provider,” explained Robert Walters, executive managing director for CBRE in Philadelphia.
CBRE had recognized a gap in its commercial real estate span, and had an eye on Fameco for quite some time now. “We saw an opportunity but we also saw a need [and we knew] if we truly want to be the retail market leader, we needed to fill that void and align ourselves with a great company like Fameco. Looking around at Fameco, we immediately saw, like us, a premier company, market-leading within the retail brokerage space, and we saw culturally a potential fit,” said Walters. Fameco has a great reputation in the retail real estate world, particularly in Pennsylvania, New Jersey, and Delaware. Their pool of services includes retailer representation, agency leasing, investment sales, and land brokerage.
Fameco’s leasing portfolio consists of 250 shopping centers and retail properties totaling 20 million square feet. In the past when CBRE acquired firms, the new office typically did business as CBRE. However, that is not the case for Fameco; it plans to operate under the name of CBRE|FAMECO.
“The CBRE brand is a global brand, it’s very powerful, it’s well-known throughout the world, and the Fameco brand is well-known within the retail space, not just in the Mid-Atlantic area but even beyond, driving a lot of business around the country. So we really felt that the brand was important, it was valuable. Merging the CBRE brand with the Fameco brand, particularly with so many clients that were attracted to that Fameco brand, we definitely see it as a value add,” concluded Walters.