Form 8-K - Current report

false 0001138118 0001138118 2024-12-05 2024-12-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 5, 2024

 

 

CBRE GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		001-32205		94-3391143
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

2121 North Pearl Street Suite 300 Dallas, Texas		75201
(Address of Principal Executive Offices)		(Zip Code)

[phone]

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share		“CBRE”		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company, as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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This Current Report on Form 8-K is filed by CBRE Group, Inc., a Delaware corporation (the “Company”), in connection with the matters described herein.

 

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 5, 2024, the Company announced that Adam Gallistel and Andy Glanzman have been named Co-Chief Executive Officers of CBRE Investment Management. Gallistel will serve as Co-Chief Executive Officer and Chief Investment Officer with responsibility for investment strategy and performance and with a strong focus on investor engagement. Glanzman will serve as Co-Chief Executive Officer and President with responsibility for developing and executing the business strategy and overseeing day-to-day operations. Glanzman assumes the role effective immediately; Gallistel will join the Company on April 1, 2025. With this change, Daniel Queenan, who previously served as CEO, Real Estate Investments, will now lead the Trammell Crow Company, serving as CEO, with a focus on continuing to drive the growth and investment performance of that business.

 

Item 7.01

Regulation FD Disclosure.

On December 5, 2024, the Company issued a press release announcing certain changes to executive leadership responsibilities. A copy of that press release is attached as Exhibit 99.1 hereto and is incorporated by reference herein. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 hereto) is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits

 

(d)

Exhibits

The following documents are attached as exhibits to this Current Report on Form 8-K:

 

Exhibit No.		Exhibit Description
99.1*		Press release regarding changes to executive leadership responsibilities.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

*	Furnished herewith

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: December 6, 2024				CBRE GROUP, INC.
				By:		/s/ EMMA E. GIAMARTINO
						Emma E. Giamartino
						Chief Financial Officer

Exhibit 99.1

 

Press Release

 

 

FOR IMMEDIATE RELEASE

 

For further information:
Steve Iaco		Chandni Luthra
CBRE – Media		CBRE – Investors
[phone]		[phone]
[e-mail]		[e-mail]

CBRE Names Co-CEOs for Investment Management Business

Dallas – December 5, 2024 – CBRE Group, Inc. (NYSE:CBRE) today announced that Adam Gallistel and Andy Glanzman have been named Co-Chief Executive Officers of CBRE Investment Management.

Gallistel will serve as Co-Chief Executive Officer and Chief Investment Officer with responsibility for investment strategy and performance and with a strong focus on investor engagement. Glanzman will serve as Co-Chief Executive Officer and President with responsibility for developing and executing the business strategy and overseeing day-to-day operations. Gallistel and Glanzman will co-chair CBRE Investment Management’s Executive Committee and will report to Bob Sulentic, CBRE’s Chair and Chief Executive Officer.

Gallistel will join CBRE Investment Management on April 1, 2025, from Singapore sovereign wealth fund GIC, where he serves as Head of both Americas Real Estate and Global Real Estate Credit. Gallistel joined GIC in 2004 and assumed leadership of its Americas business in 2015. Since then, he has become one of the most prominent real assets investors in the Americas, with a focus on next-generation growth sectors, including data centers and other sectors that sit at the intersection of real estate and infrastructure. Gallistel also serves on GIC Real Estate’s Global Investment Committee, which oversees all real estate investments.

Glanzman, who joined CBRE Investment Management in 2010, has excelled in numerous positions within the business. In particular, since becoming President in January 2022, he has done an outstanding job in helping the business navigate the recent market downturn and positioned it to deliver continued strong real assets solutions for clients. Earlier, Glanzman served as Chief Operating Officer of CBRE Investment Management.

“Investing in and growing CBRE Investment Management is a core element of CBRE’s strategy. Adam and Andy are exceptional leaders with highly complementary skill sets that position them to seize the significant opportunities available to CBRE Investment Management and our clients,” said Sulentic.

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CBRE Press Release

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

Document and Entity Information	Dec. 05, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001138118
Document Type	8-K
Document Period End Date	Dec. 05, 2024
Entity Registrant Name	CBRE GROUP, INC.
Entity Incorporation State Country Code	DE
Entity File Number	001-32205
Entity Tax Identification Number	94-3391143
Entity Address, Address Line One	2121 North Pearl
Entity Address, Address Line Two	Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(214)
Local Phone Number	979-6100
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Class A Common Stock, $0.01 par value per share
Trading Symbol	CBRE
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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