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Investments in Unconsolidated Subsidiaries
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Subsidiaries Investments in Unconsolidated Subsidiaries
Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Our investment ownership percentages in equity method investments vary, generally ranging from 1% to 50%. The following table represents the composition of investments in unconsolidated subsidiaries under the equity method of accounting and fair value option (dollars in millions):
Investment typeMarch 31, 2025December 31, 2024
Real Estate Investments (in projects and funds)
$742 $702 
Investment in Altus:
Class A common stock (1)
122 100 
Alignment shares (2)
14 15 
Subtotal136115
Other (3)
104 478
Total investment in unconsolidated subsidiaries$982 $1,295 
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(1)CBRE held 24,567,063 and 24,557,823 shares of Altus Class A common stock as of March 31, 2025 and December 31, 2024, respectively, representing approximate ownership of 15.3%.
(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, 2025 (the fourth measurement date), 199,238 of alignment shares automatically converted into 1,991 shares of Class A common stock, of which CBRE was entitled to 1,811 shares. On April 16, 2025, Altus was acquired by a third-party.
(3)Consists of our investments in Industrious and other non-public entities. As disclosed in Note 3 – Acquisitions, on January 16, 2025, we acquired the remaining 60% ownership interest in Industrious.
Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in millions):
Three Months Ended
March 31,
20252024
Revenue$761 $1,013 
Operating income243 315 
Net income (loss) (1)
191 (1,037)
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(1)Included in Net income (loss) 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.