CBRE, the world's largest commercial real estate services firm, has promoted several of its senior executives to start the new year.
The Dallas-based company unveiled its leadership changes Tuesday to its real estate investments and advisory services business segments, as well as its Trammell Crow Co. development arm, effective Jan. 1. The promotions come at the end of what has been a prosperous year for CBRE, with the firm telling its investors in October it was on track to set an earnings record this year, as reported by CoStar News.
CBRE is promoting Andy Glanzman to CEO of the firm's real estate investments segment. In his new role, he will have executive oversight of CBRE's real estate development subsidiary, Trammell Crow, and its global real estate investment management business line, CBRE Investment Management.
Glanzman, who reports to CBRE Chair and CEO Bob Sulentic, will also continue to serve as co-CEO of CBRE Investment Management with Adam Gallistel.
For CBRE's real estate investments sector, revenue decreased 30.1% during the third quarter primarily because of lower incentive fees in its investment management business and lower construction management and development fees from development services, according to the company's latest quarterly filing. CBRE had $560 million in real estate under development as of Sept. 30, up from $505 million at the end of 2024, according to the filing.
Adam Nims, who has served as president of Texas and data centers at Trammell Crow, is being promoted to CEO of Trammell Crow Co. Nims will report to Glanzman in his new role.
Meanwhile, Adam Saphier, who currently serves as chief investment officer at Trammell Crow, will become global chief operating officer of CBRE's advisory services segment. In the role, Saphier will oversee all advisory operations outside the United States and Canada, as well as the global valuations business. He will report to Vikram Kohli, CEO of advisory services at CBRE.
Saphier is being tasked with supporting Kohli's operational and financial management of the global advisory business.
The three promoted executives "have delivered exceptional results for our company and clients over many years," Sulentic said in a statement.
For the last year, Glanzman has served as co-CEO of CBRE Investment Management, and before that, he served as its president. Both Nims and Saphier have held several senior executive positions over the past two decades at Trammell Crow. Saphier joined the firm in 2005, followed by Nims in 2006.
With Nims' promotion, Trammell Crow's current CEO, Danny Queenan, will move into a new senior role as executive group president with oversight of several key initiatives and geographies for Trammell Crow. Queenan will report to Nims.