Downtown L.A. real estate giant CBRE Group Inc. has acquired CBRE/Memphis, the firms announced Monday.

CBRE/Memphis had previously functioned as a CBRE Group affiliate, according to the company.

“We have worked with the CBRE/Memphis team for nearly two decades and know firsthand their commitment to service excellence and our core values of respect, integrity, service and excellence,” said John Ferguson, President of CBRE’s Southeast Division, in a statement.

The Memphis firm has a staff of more than 100 and manages approximately 14 million square feet of property in the Memphis metro area, Miss. and Ark., making it a good fit with the Los Angeles company’s ongoing ambitions to expand.

Last September, CBRE Group became one of the largest property managers in the world after its $1.5 billion acquisition of Global Workplace Solutions.

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