The Trammell Crow Company (TCC), owned by global real estate services and investment firm CBRE, has expanded its real estate development business in the UK with the acquisition of Candour, a London-based office developer.
Financial details were not disclosed.
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 ft2 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 TCC, 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.'
Pentecost 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 US developer’s expansion into the European offices marketplace for the first time is a tremendous endorsement of what we have created with Candour.'
Said Rees: '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 US, has an existing industrial & logistics development footprint across multiple European markets. The acquisition now broadens TCC’s capabilities into the UK office market.
