CBRE Acquires Santa Barbara FirmTuesday, December 17, 2013
CBRE Group Inc. said Tuesday that it has acquired Whitestone Research Corp., a Santa Barbara consulting and software company that provides real estate-related products and services.
The Los Angeles real estate services company announced the acquisition after the markets closed. Whitestone provides software and statistical indices that model facility costs for single assets and global real estate portfolios.
“Whitestone's (tools) will enable CBRE to take a more sophisticated, data-driven approach to advising both occupier and investor clients regarding facilities costs,” Bill Concannon, chief executive of CBRE Global Corporate Services, said in a statement. CBRE manages more than $32 billion in facility operating expenses for clients.
Shares earlier closed up 1 cent, or less than 1 percent, to $24.97 on the New York Stock Exchange.