London and Dallas, TX
CBRE Announces Expansion of Trammell Crow Business in the U.K. with Acquisition of Office Developer Candour
October 30, 2023
CBRE today announced the expansion of its Trammell Crow Company real estate development business in the UK with the acquisition of Candour, a London-based office developer.
Candour’s founders Toby Pentecost and Dan Rees will join TCC as senior vice presidents and co-heads of UK Offices.
Candour’s approximately 850,000 square feet of Grade A commercial projects under construction or in the pipeline will be completed by TCC, including Welcome Building® in Bristol, 39 Deansgate in Manchester city centre, and the strategic repositioning of two London office assets.
David Neuman, President, Europe, at Trammell Crow Company, said: “UK office sector fundamentals remain attractive, particularly for well-conceived, newly developed, ESG-focused properties. With Dan and Toby leading our efforts, we are well positioned to make an immediate impact in the sector. The team’s entrepreneurial spirit and focus on developing best-in-class, ESG-focused projects and maximising outcomes for all stakeholders is aligned with our firm’s philosophy.”
Toby Pentecost, co-founder of Candour and Senior Vice President at Trammell Crow Company, said: “We are excited to be accelerating our growth and expansion with TCC. Together we will have the capacity to create even more prime, sustainable developments that inspire the world of work and that will allow us to continue to serve our occupiers and capital partners and provide positive returns for all our stakeholders. The opportunity to help lead the largest U.S. developer’s expansion into the European offices marketplace for the first time is a tremendous endorsement of what we have created with Candour.”
Daniel Rees, co-founder of Candour and Senior Vice President at Trammell Crow Company, said: “We are proud of the exceptional properties and results we have achieved on this incredible journey since Toby and I founded Candour in 2019. Becoming part of TCC’s European growth story at this opportunistic time in the market is an exciting way to begin the next chapter as we continue our upward trajectory. We are hugely grateful to our capital partners for their continued support along the way.”
TCC, the largest real estate developer in the U.S., has an existing industrial & logistics development footprint across multiple European markets. The acquisition now broadens TCC’s capabilities into the UK office market.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.