CBRE Group Inc. of Los Angeles bought Paragon Project Management for an undisclosed price, the company announced Thursday.
Paragon Project Management has offices in Sydney, Brisbane and Perth and has provided consulting services to other firms in the building and construction industry.
“We will be able to provide an expansive, first class diversified service offering to clients in Australia and New Zealand, given the quality, experience and resources of the combined team,” said Tom Southern, chief executive of CBRE in Australia and New Zealand.
Paragon Project Management’s national team of 26 employees is set to join CBRE’s project management division for the Pacific Ocean region. Paragon founder Ian Rea is on tap to lead the combined unit.
CBRE Group shares fell 81 cents, nearly 3 percent, to close at $30.84 on the NYSE.