CBRE Group acquired the commercial real estate services businesses of Atlanta-based Resource Real Estate Partners (RREP) and TPA Realty Services, a move that will add more than 13 million square feet of office and industrial assets to CBRE’s Atlanta property management portfolio and approximately 70 leasing and property management personnel.
RREP/TPA employees involved in the sold businesses will be integrated into CBRE’s existing offices in the Atlanta region as part of the deal, which did not inlcude RREP/TPA's development operations.
According to John Ferguson, executive managing director for CBRE’s Southeast Region, buying RREP will significantly enhance the firm's service offerings, especially in the northeast Atlanta submarket, where it sees opportunities for further growth.
RREP/TPA.Managing Principal Brad Smith said his firm will now return to focusing on its core development business.
The firm's three other principals include Scott Hawkins, who headed up the firm's development and property management operations, J. Clint Glover, who oversaw brokerage operations, and Thomas Shafer, who headed investment sales. Hawkins will remain at RREP with Smith. Clint Glover and Tom Shafer will be joining CBRE.