CBRE announced a big shakeup today, with Matt Khourie stepping down as CEO of CBRE Global Investors and Ritson Ferguson, formerly its chief investment officer, taking his spot.

Matt, who’d been CEO for six years, will return to CBRE’s development firm, Trammell Crow Co. Matt spent 29 years at Trammell Crow before being tapped as GI’s CEO in 2009.

A CBRE spokesperson tells Bisnow the shuffle resulted in part from Matt's desire to return to Trammell Crow, and his hometown of Houston, where he'll be based.

"Matt was ready for a change," the spokesperson says. "TCC will benefit from having a full-time CEO."

Ritson (pictured here, second from left, with Wesley Capital Management’s Arthur Wrubel, Morgan Stanley’s Theodore Bigman and Pershing Square Capital Management’s William Ackman) has served on GI’s Investment Committee since 2011 and was made CIO, a newly created role, in 2015.

In a statement released today, CBRE CEO Bob Sulentic calls Ritson the “ideal successor for Matt,” saying he “has outstanding investment acumen," as well as experience "producing great outcomes."

He’ll also stay on as CEO of CBRE Clarion Securities, CBRE’s real estate securities business, which he joined in 1999.

CBRE Global Investors is one of the world’s largest real estate investment management firms, with about $89B in assets under management.

Founded in 1948 and acquired by CBRE in 2006, Trammell Crow is one of the nation’s oldest developers, having developed or acquired roughly 540M SF worth about $60B.

Matt (snapped above in the middle) will replace Danny Queenan as Trammell Crow’s CEO. Danny, who is also Global Investor’s COO, will now focus on running operations and strategic initiatives, the statement says.

“Danny has done a superb job of running Trammell Crow Co and now Global Investors will benefit from the increased time and attention he can devote to the business,” Bob says in the statement.

While the statement praised Danny, Matt and Ritson’s previous records, it did not mention a specific reason for the shuffle.