CBRE Group, Inc. (NYSE:CBRE) announced the successful integration of its project management business with Turner & Townsend, its majority-owned subsidiary. As part of this strategic move, Vincent Clancy, Chair and CEO of Turner & Townsend, has joined CBRE’s Board of Directors.
Turner & Townsend, a global leader in program management, cost consultancy, and project management services, has been a majority-owned CBRE subsidiary since 2021.
Vincent Clancy, who has been with Turner & Townsend for 35 years, has served as its CEO since 2008 and Board Chair since 2015. During his tenure, the company’s revenue has grown from approximately $225 million in 2008 to over $1.9 billion in 2023.
Bob Sulentic, CBRE’s Chair and CEO, highlighted the significance of the unified project management business:
“Our combined project management platform offers unmatched scale and capabilities. Under Vincent’s exemplary leadership, we are well-positioned to leverage major trends in infrastructure, green energy, and workplace transformation. His insights and experience will be invaluable to our Board as we advance key growth initiatives.”
Clancy shared his enthusiasm for the combined business and his new role on CBRE’s Board:
“Our integration creates an unparalleled, pure-play project management capability with exceptional talent, global reach, and sector expertise. I’m thrilled to contribute to CBRE’s Board as we build a resilient, diversified business that leads the industry.”
Clancy joined Turner & Townsend in 1989, holding key leadership roles before becoming CEO. He was twice named Building magazine’s CEO of the Year (2014 and 2017) and is a Chartered Member of the Royal Institute of Surveyors. He also serves as an advisor to the UK Construction Leadership Council.
Since CBRE acquired a majority stake in Turner & Townsend in 2021, the subsidiary’s revenue has grown at a compound annual rate exceeding 20%. CBRE now owns 70% of the combined entity.
Starting this year, CBRE will report Project Management results as a standalone business segment, enhancing transparency for investors.
Turner & Townsend: A Growth Powerhouse
Turner & Townsend has been a CBRE subsidiary since 2021, with CBRE holding a 70% ownership stake. The firm operates in over 50 countries, offering services across sectors such as infrastructure, real estate, natural resources, and green energy. Since CBRE’s acquisition, Turner & Townsend’s revenue has grown at a compound annual rate exceeding 20%, driven by strong demand for its services in emerging and transformative sectors.
Under Clancy’s leadership, Turner & Townsend has:
- Grown its workforce to over 10,000 employees worldwide.
- Expanded its presence in key markets such as North America, Europe, and Asia-Pacific.
- Played a pivotal role in managing large-scale infrastructure projects, including renewable energy programs and urban development initiatives.
Vincent Clancy’s Accomplishments
Clancy, who joined Turner & Townsend in 1989, has held several leadership roles, including overseeing its UK cost management and international businesses before becoming CEO in 2008.
- Awards and Recognition: Twice named Building magazine’s CEO of the Year (2014 and 2017).
- Professional Memberships: Chartered Member of the Royal Institute of Surveyors.
- Industry Influence: Serves as an advisor to the UK Construction Leadership Council, helping shape policies on sustainability and infrastructure growth.
Strategic Benefits of the Integration
The integration creates a seamless, end-to-end project management solution with:
- Unmatched Scale: A global footprint spanning 100+ countries.
- Comprehensive Expertise: Deep capabilities across infrastructure, green energy, workplace transformation, and real estate development.
- Market Leadership: Positioned to capitalize on secular trends, including sustainability, digital transformation, and post-pandemic workplace strategies.
Bob Sulentic, CBRE’s Chair and CEO, noted:
“Our combined capabilities provide clients with best-in-class services. This integration strengthens our leadership in high-growth areas like renewable energy and urban infrastructure. Vincent’s addition to our Board ensures we remain at the forefront of innovation in project management.”
Investor Impact
Starting in 2025, CBRE will report Project Management as a standalone business segment. This move reflects the significance of the business and provides investors with greater transparency into its performance.
Future Outlook
With a focus on sectors driving global growth—such as clean energy, digital infrastructure, and smart cities—the unified Turner & Townsend/CBRE project management business is well-positioned to thrive in the evolving market landscape.
By leveraging the combined strengths of CBRE and Turner & Townsend, the partnership aims to set new industry benchmarks, delivering high-impact solutions to clients worldwide.
