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Investments in Unconsolidated Subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Condensed Financial Information of Equity Method Investments The following table represents the composition of investment in unconsolidated subsidiaries under the equity method of accounting and fair value option (dollars in millions):
December 31,
Investment type20242023
Real Estate Investments (in projects and funds)
$702 $661 
Investment in Altus:
Class A common stock (1)
100 168 
Alignment shares (2)
15 56 
Subtotal115 224 
Other (3)
478 489 
Total investment in unconsolidated subsidiaries$1,295 $1,374 
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(1)CBRE held 24,557,823 and 24,556,012 shares of Altus Class A common stock as of December 31, 2024 and 2023, respectively, representing approximate ownership of 15.4%.
(2)The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common stock based on the achievement of certain total return thresholds on Altus Class A common stock as of the relevant measurement date over the seven fiscal years following the merger. At March 31, 2024 (the third measurement date), 201,250 of alignment shares automatically converted into 2,011 shares of Class A common stock, of which CBRE was entitled to 1,811 shares.
(3)Consists of our investments in Industrious and other non-public entities.
Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in millions):
December 31,
20242023
Combined Condensed Balance Sheets Information:
Current assets$3,804 $8,884 
Non-current assets51,600 44,116 
Total assets$55,404 $53,000 
Current liabilities$3,378 $1,905 
Non-current liabilities17,701 17,288 
Total liabilities$21,079 $19,193 
Non-controlling interests$951 $1,065 
Year Ended December 31,
202420232022
Combined Condensed Statements of Operations Information:
Revenue$4,026 $7,178 $2,783 
Operating income1,479 4,984 1,215 
Net (loss) income (1)
(648)760 4,102 
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(1)Included in Net (loss) income are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in Revenue and Operating income.