CBRE Buys 50% Of Streetsense's Design Business, All Of Its Brokerage Division
With the deal, announced Tuesday morning, CBRE has acquired Streetsense's entire retail brokerage division and 50% of its strategy and design operation. The companies did not disclose the price of the deal.
CBRE will bring over all of Streetsense's 17 retail brokers and create a new brokerage arm branded as Streetsense|CBRE. The company's design, branding and content creation operations, a large part of Streetsense's business, will operate as a joint venture with CBRE.
Founded in 2001, Streetsense has offices in Bethesda, D.C. and New York. The company last year acquired marketing and communications firm Delucchi Plus. As part of the CBRE deal, Streetsense founders Marc Ratner and Guy Silverman sold their stakes in the company, Chef Operating Officer Brian Taff told the Washington Business Journal. Taff also said Streetsense plans to open offices in more markets, including potentially CBRE's home of Los Angeles.
"Our nearly 200 creative professionals will greatly benefit from CBRE's broad range of advisory and transaction capabilities, as well as their international industry relationships," Taff said in a release.
The addition of Streetsense's retail division will bolster CBRE's presence in the D.C. market. With CBRE Executive Vice President Lisa Stoddard, the company has already worked with D.C.-area clients such as Boston Properties, MRP Realty, Trammell Crow and George Washington University.
"Streetsense's focus on 'creating brands people love and places people love to be' will be amplified be CBRE's powerful service offering, client base and commitment to innovation," CBRE Executive Managing Director Anthony Buono said. "Together, we strengthen our ability to connect with end users across industries and geographies."