Vincent Clancy takes charge as CBRE Group merges with Turner & Townsend

In Dallas on January 3, 2025, CBRE Group, Inc. announced the completion of its project management business combination with Turner & Townsend, a major subsidiary that CBRE has owned since November 2021. This merger aims to enhance the scale and capabilities of CBRE's project management offerings in the global market. Vincent Clancy, who has been with Turner & Townsend since 1989 and has led the company as CEO since 2008, joins CBRE's Board of Directors as part of the merger. The merger illustrates CBRE's strategy to diversify and strengthen its portfolio by incorporating Turner & Townsend's program management and consultancy services. Under Clancy's leadership, Turner & Townsend has seen exponential growth in revenue from $225 million in 2008 to over $1.9 billion in 2023. This merger is expected to create an unmatched solution in the project management sector, making the combined business a formidable competitor in the industry. Moreover, with Turner & Townsend experiencing a compound annual revenue growth rate exceeding 20% since it became a subsidiary, the strategic integration of the two firms is likely to offer significant opportunities for growth and market expansion moving forward. The company aims to leverage Clancy's extensive experience to navigate the upcoming challenges and opportunities within the project management landscape, positioning the newly formed entity as a leader in the global market.