CBRE Group Inc. has signed an agreement to acquire EA Shaw, a commercial and residential property partnership that targets the central London market.
The Los Angeles real estate services company said late Tuesday that EA Shaw will become part of CBRE's Central London unit under the direction of Managing Director Adam Hetherington. Terms of the deal were not disclosed.
The acquisition boosts CBRE's presence in the United Kingdom and adds to its sales and acquisition capabilities and development marketing efforts.
“The combination of EA Shaw and CBRE creates a formidable force in the central London market with a unique capability to provide advice across both the residential and commercial sectors,” Hetherington said in a statement.
EA Shaw was founded in 1899, and recently was named London Property Advisor of the Year by Estates Gazette for the fifth time in six years.
CBRE shares on Wednesday closed up 5 cents, or less than 1 percent, to $17.69 on the New York Stock Exchange.