CBRE closes in on acquisition of Global Workplace Solutions

CBRE, a commercial property and real estate service adviser, is planning to acquire Global Workplace Solutions, a real estate branch of Johnson Controls, for some $1.5 billion, the firm has announced. In addition to the takeover, CBRE and Johnson Controls have forged a 10-year strategic partnership, as part of which CBRE will provide Johnson Controls with a full suite of integrated corporate real estate services. Johnson Controls has joined CBRE’s network of suppliers and partners, and will offer its lowest available commercial-pricing on HVAC, building automation, security, fire and related services to CBRE clients and CBRE-managed properties worldwide. Global Workplace Solutions is a provider of enterprise facilities management solutions for global corporations and other large occupiers of commercial real estate. It had revenues of over $3 billion last year.