CBRE is celebrating its 250-year anniversary in the United Kingdom, a history that began with a small but diversified business that's quite unlike the international real estate giant it has become.
The company got its start in 1773, when William Ellis established his business in London at 126 Fenchurch St. as an upholder (a form of upholsterer that might also make cabinets), appraiser and undertaker.
His nephew, Richard Ellis, took over in 1809 and grew the company to become a major property services firm in the United Kingdom. The firm's position as a global enterprise began to take shape in San Francisco in 1906 when Tucker, Lynch and Coldwell was founded.
That firm became a powerhouse in the United States, went public in the 1960s, and was bought out by employees from Sears in 1989 to become CB Commercial. In 1998 that firm bought REI Limited, the international arm of Richard Ellis, in the United Kingdom and the company changed its name to CB Richard Ellis, or CBRE.
CBRE then bought top London-based firm Hillier Parker May & Rowden to become the first real estate services firm with a genuinely global platform. In 2003 it bought Insignia Financial Group to become the biggest real estate services firm in New York and London.
Today, the firm often called the "green machine" employs more than 14,000 people across its entities in the United Kingdom and more than 115,000 people globally.
The firm, listed on the New York Stock Exchange with a $22.8 billion market value, is marking the anniversary with several initiatives, including a partnership with local charity, Elms4London, which will result in planting 250 elm trees across Greater London over the next five years.
Elms4London is part of The Metropolitan Public Gardens Association, which has played a role in preserving and improving gardens, neglected sites, and green open spaces across the capital since the 19th century.
Ciaran Bird, divisional president & CEO, Advisory Services, United Kingdom and Ireland, said the partnership is symbolic of CBRE’s legacy and commitment to creating a sustainable future. “It’s incredible to think that a business which started on Fenchurch Street in London centuries ago has evolved into the global business that we now know as CBRE."
He added that the tree planting reflects that “at the heart of our ethos is ensuring that we help to create a sustainable future for all. This starts with the impact of the real estate we occupy, advise on, and manage, but we also want to positively influence the communities and cities in which we operate. Our partnership with Elms4London is aligned with our pledge to reach net zero by 2040 and symbolic of CBRE’s legacy — past and future.”
Mark Lane, Elms4London, said: “Far too many elm trees were lost during the second half of the 20th century, and we are grateful to have the support of CBRE as we work to redress the balance and restore our city’s treescape for the future.”