CBRE Group, Inc. Acquires Floored, Inc., a Leading Producer of Advanced Technology for Commercial Real Estate
January 03 2017 - 4:05PM
Business Wire
Floored’s 3D Graphics Technology Further
Enhances CBRE’s Marketplace Differentiation
CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired
Floored, Inc., a leading producer of SaaS (Software as a Service)
solutions, including scalable, interactive 3D graphics technology,
for the global commercial real estate industry. Floored gives
CBRE’s professionals and clients access to advanced technology, and
significantly increases the company’s capabilities to develop
technology innovations that enhance marketing and leasing of
commercial properties.
“We are very excited to add Floored’s interactive 3D graphics to
our growing suite of technology tools,” said Chandra Dhandapani,
CBRE’s Chief Digital & Technology Officer. “Many of our leading
professionals and clients have been using Floored technology and
are very excited about their solutions. It gives our professionals
a powerful advantage in the marketplace, enabling them to
configure, visualize and compare vacant space and arrange virtual
tours. Our clients will continue to have access to these, and
future, powerful products.”
Floored’s two main existing SaaS products are:
- Protofit, which allows users to
visualize and edit floor plans in 2D and 3D (including accurate
external window views from each floor) and to create customized
space layouts in real-time. Protofit, which is being rebranded as
Floored Plans, has been utilized in over 65 million sq. ft.
of properties.
- Luma, which enables a high-quality,
interactive, next-generation customized 3D “walk-through”
experience for new, unbuilt and repositioned spaces. This
technology has been used to visualize space from project concept
and design all the way through leasing and marketing efforts and is
now being re-branded as Floored Build.
The products are used by property owners like Related, Equity
Office, Hines and Beacon Capital.
Floored’s co-founders – Chief Executive Officer David Eisenberg,
Chief Technology Officer Dustin Byrne and Vice President of
Engineering Judy He – and their 36-person team of engineers,
designers, 3D modelers and client support personnel will all join
CBRE as part of the acquisition. Mr. Eisenberg will serve as SVP of
Digital Enablement & Technology for CBRE’s leasing business
(called Advisory & Transaction Services).
“We look forward to working with Dave, Dustin, Judy and their
incredibly talented team to develop other innovative capabilities
to enable exceptional outcomes for our clients. This will also give
us momentum in tapping into the New York digital talent base,” Ms.
Dhandapani said.
“We have worked very hard over the past four years to invent
groundbreaking technology for commercial real estate,” said Mr.
Eisenberg. “We couldn’t be more excited to bring this innovation to
the industry’s premier, globally integrated commercial real estate
services and investment firm. Together we will build powerful
advantages for CBRE’s clients.”
About Floored
Floored, Inc., founded in 2012, is a New York City-based company
that creates interactive 3D graphics and technology for the
hospitality and commercial, residential, industrial, and retail
real estate industries. Floored has worked with hundreds of clients
from around the world, with enterprise customers including Related,
Equity Office, Hines and Beacon Capital.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500
company headquartered in Los Angeles, is the world’s largest
commercial real estate services and investment firm (based on 2015
revenue). The company has more than 70,000 employees (excluding
affiliates) worldwide and serves real estate owners, investors and
occupiers through more than 400 offices (excluding affiliates)
worldwide. CBRE offers a broad range of integrated services,
including facilities, transaction and project management; property
management; investment management; appraisal and valuation;
property leasing; strategic consulting; property sales; mortgage
services and development services. Please visit our website at
www.cbre.com.
Forward-Looking Statements
Certain of the statements in this release regarding the
acquisition of Floored, Inc. that do not concern purely historical
data are forward-looking statements within the meaning of the
''safe harbor'' provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are made
based on our management’s expectations and beliefs concerning
future events affecting us and are subject to uncertainties and
factors relating to our operations and business environment, all of
which are difficult to predict and many of which are beyond our
control. Accordingly, actual performance, results and events may
vary materially from those indicated in forward-looking statements,
and you should not rely on forward-looking statements as
predictions of future performance, results or events. Numerous
factors could cause actual future performance, results and events
to differ materially from those indicated in forward-looking
statements, including, but not limited to, our ability to
successfully integrate Floored’s technology into our existing
operations as well as other risks and uncertainties discussed in
our filings with the U.S. Securities and Exchange Commission (SEC).
Any forward-looking statements speak only as of the date of this
release. We assume no obligation to update forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors affecting forward-looking information,
except to the extent required by applicable securities laws. If we
do update one or more forward-looking statements, no inference
should be drawn that we will make additional updates with respect
to those or other forward-looking statements. For additional
information concerning factors that may cause actual results to
differ from those anticipated in the forward-looking statements and
other risks and uncertainties to our business in general, please
refer to our SEC filings, including our Quarterly Report on Form
10-Q for the quarter ended September 30, 2016, and our Annual
Report on Form 10-K for the fiscal year ended December 31, 2015.
Such filings are available publicly and may be obtained from our
website at www.cbre.com or upon request from the CBRE Investor
Relations Department at investorrelations@cbre.com.
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CBRE Group, Inc.Steve IacoInvestor Relations212.984.6535orRobert
McGrathMedia Relations212.984.8267
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