CBRE Group Inc. said it had agreed to acquire Heery International Inc., an Atlanta-based project management, design and engineering company, for $57 million.
Heery is a unit of London-based infrastructure firm Balfour Beatty and provides project management, design and commissioning services across the U.S., with a wide range of corporate, government, health care, sports, aviation and education clients, according an announcement from CBRE.
CBRE executives said acquiring Heery would allow their firm to deepen its relationships in the public and educational sectors, grow its position in aviation and sports and add expertise in design and engineering services.
“This acquisition advances our strategy to grow our project management expertise and capabilities,” Mike Lafitte, Global Group president for Lines of Business at CBRE, said in a statement. “(Heery’s) deep project management expertise and strong leadership team are a great complement to CBRE’s existing capabilities in both our local market and account-based project management services.”
The transaction is expected to close during the fourth quarter, subject to customary closing conditions, according to the announcement. Upon closing of the acquisition, Heery will continue to be led by its chief executive, Theodore Sak, and its chief operating officer, Glenn Jardine.
Real estate reporter Neil Nisperos can be reached at email@example.com. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.
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