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Acquisitions | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions Industrious On January 16, 2025, we acquired the remaining 60% ownership interest that we did not already own in Industrious National Management Company LLC (Industrious), a leading provider of flexible workplace solutions, increasing our ownership to 100%. Industrious forms part of our Building Operations & Experience (BOE) segment. The Industrious acquisition was treated as a business combination under FASB Accounting Standards Codification (ASC) Topic 805, “Business Combinations,” and was accounted for using the acquisition method of accounting. We financed the acquisition with (i) borrowings under our existing commercial paper program; and (ii) cash on hand. The following summarizes the consideration transferred at closing for the Industrious acquisition (dollars in millions):
Cash consideration | $ | 369 |
Fair value of existing equity method investment in Industrious | 373 |
Forgiveness of note receivable | 50 |
Other | 49 |
Total consideration | $ | 841 |
The following represents the summary of the excess purchase price over the fair value of net assets acquired (dollars in millions):
Purchase price | $ | 841 |
Less: Estimated fair value of net assets acquired | 270 |
Excess purchase price over estimated fair value of net assets acquired | $ | 571 |
The purchase accounting adjustments related to the Industrious acquisition have been recorded in the accompanying consolidated financial statements. The excess purchase price over the fair value of net assets acquired has been recorded to goodwill. The goodwill arising from the Industrious acquisition consists largely of the synergies and opportunities related to the flexible workplace solutions space. Of the goodwill generated, approximately $392 million is deductible for tax purposes. The acquired assets and assumed liabilities of Industrious were recorded at their estimated fair values. The purchase price allocation for the business combination is primarily for intangible assets acquired, and subject to change within the respective measurement period which will not extend beyond one year from the acquisition date. Measurement period adjustments will be recognized in the reporting period in which the adjustment amounts are determined. Any such adjustments may be material. The following table summarizes the fair values assigned to the identified assets acquired and liabilities assumed at the acquisition date on January 16, 2025 (dollars in millions):
Assets Acquired: |  |
Current assets |  | $ | 98 |
Property, plant & equipment |  | 42 |
Intangible assets |  | 247 |
Goodwill |  | 571 |
Right-of-use and other assets |  | 694 |
Total assets acquired |  | 1,652 |
Liabilities Assumed: |  |
Current liabilities |  | 123 |
Operating lease and other liabilities |  | 688 |
Total liabilities assumed |  | 811 |
Estimated Fair Value of Net Assets Acquired |  | $ | 841 |
In connection with the Industrious acquisition, below is a summary of the value allocated to the intangible assets acquired (dollars in millions):
Asset Class |  | Amortization Period |  | Amount Assigned at Acquisition Date
Customer relationships |  | 7 years |  | $ | 90 |
Tradenames |  | 11-13 years |  | 137 |
Management agreements |  | 10 years |  | 20 |
Total identified intangible assets |  |  |  | $ | 247 |
The fair value of customer relationships and management agreements was determined using the Multi-Period Excess Earnings Method (MPEEM), a form of the Income Approach. The MPEEM is a specific application of the Discounted Cash Flow Method. The principle behind the MPEEM is that the value of an intangible asset is equal to the present value of the incremental cash flows attributable only to the subject intangible asset. This estimation used certain unobservable key inputs such as timing of projected cash flows, growth rates, expected contract renewal probabilities, discount rates, and the assessment of useful life. The fair value of the tradenames was determined by using the Relief-from-Royalty Method, a form of the Income Approach, and relied on key unobservable inputs such as timing of the projected cash flows, growth rates, and royalty rates. The basic tenet of the Relief-from-Royalty Method is that without ownership of the subject intangible asset, the user of that intangible asset would have to make a stream of payments to the owner of the asset in return for the rights to use that asset. By acquiring the intangible asset, the user avoids these payments. Supplemental pro forma information reflecting the impact of the Industrious acquisition is not provided as the acquisition did not have a material effect on the company’s results of operations. Turner & Townsend In early January 2025, we completed the combination of our project management business with our Turner & Townsend subsidiary, whereby we contributed CBRE’s project management businesses in exchange for an additional 10% ownership interest in the combined project management business (the “Combined Project Management Business”). Upon completion of the transaction, CBRE holds a 70% controlling interest in the Combined Project Management Business. As part of the combination agreement, CBRE granted to the Turner & Townsend partners an option to require CBRE to purchase additional shares in the Combined Project Management Business, which is exercisable during the period between January 1, 2027 and March 31, 2030 (the “Put Option”). The price payable to the Turner & Townsend partners will be the fair value of the shares at the date the Put Option is exercised. As exercise of the Put Option is not solely in the control of the company, the interest in the Combined Project Management Business related to the Put Option has been classified as Mezzanine Equity on our balance sheet per ASC 480-10-S99, “Distinguishing liabilities from Equity – SEC Materials.” The shares in the Combined Project Management Business subject to the Put Option were valued at $409 million as of September 30, 2025 and was estimated based on discounted forecasted cash flows for the business. We have elected to recognize changes in the redemption value as they occur by adjusting the amount of the redeemable shares to their redemption value at the end of each period. Other acquisitions During the nine months ended September 30, 2025, the company completed two in-fill business acquisitions, including one in the Advisory Services segment and one in the Project Management segment, with an aggregate purchase price of approximately $31 million in cash and non-cash consideration. Assets acquired and liabilities assumed are primarily working capital in nature. The results of operations of all acquisitions completed during the nine months ended September 30, 2025 have been included in the company’s consolidated financial results since their respective acquisition dates. These acquisitions were not significant in relation to the company’s consolidated financial results and, therefore, pro-forma financial information has not been presented. The following table identifies the company’s allocation of purchase price to goodwill and other intangible assets by category (dollars in millions):
|  | Amount Assigned at Acquisition Date |  | Weighted-Average Life (in years)
Goodwill |  | $ | 20 |  |  | N/A
Customer relationships |  | 16 |  |  | 11 years
Total |  | $ | 36 |  |  |

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