Two leading business combine as CBRE and Turner & Townsend create united project management capability.
CBRE Group has completed its plan to combine its project management business with Turner & Townsend, its majority-owned subsidiary and Vincent Clancy, board chair and chief executive officer of Turner & Townsend, has joined CBRE’s board of directors.
Turner & Townsend provides programme management, cost consultancy and project management services globally and has been a majority-owned subsidiary of CBRE since 2021. Clancy, a 35-year veteran of Turner & Townsend, has served as its chief executive officer since 2008 and its board chair since 2015. Under Clancy’s leadership, Turner & Townsend’s revenue has increased from about $225m in 2008 to more than $1.9bn in 2023.
Bob Sulentic, CBRE’s chair and chief executive officer, said: “Our unified project management business represents an offering that is unmatched for its scale and breadth of capabilities. Under Vincent’s exemplary leadership, it is poised to benefit from powerful secular trends in areas like infrastructure, green energy transition and employee experience. Our board will benefit greatly from the insights Vincent has developed from running a highly successful global business and his deep knowledge of key growth sectors for CBRE.”
Vincent Clancy, chief executive officer of Turner & Townsend, commented: “The strong momentum we’ve built over the past three years will continue to grow now that we’ve combined two great businesses into one integrated, pure-play project management capability. Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence is unparalleled in programme and project management. I’m also energised to join CBRE’s board and look forward to working with my fellow directors as we build a resilient, highly diversified business that is second to none in our industry.”
Clancy joined Turner & Townsend in 1989 and assumed responsibility for Turner & Townsend’s United Kingdom cost management business in 2000 and for its international business in 2005, prior to his elevation to chief executive officer in 2008.
CBRE now owns 70% of the combined Turner & Townsend/CBRE project management business. Since becoming a majority-owned subsidiary of CBRE in November 2021, Turner & Townsend’s revenue has increased at a compound annual rate of more than 20%. Beginning this year, CBRE will report project management results in its own standalone business segment, providing increased transparency for investors.
