Chicago-based brokerage Cresa is expanding its West Coast team to boost tenant advisory and project management business in the region as companies reorganize their real estate portfolios.
In Cresa's third acquisition in the past 45 days, the firm has purchased CMPG, a 22-person project management firm based in Diamond Bar, California, for an undisclosed sum. The deal gives Cresa a new office that serves clients in the Inland Empire region and expands its staff in Los Angeles, Orange County and San Diego.
CMPG’s leaders, Christie Fischetti and Dyana Elam, join as managing principals and will oversee project management across Southern California.
The deal is "another step forward as we continue to expand our end-to-end service delivery,” said a statement from Dennis Smith, executive managing principal and co-market leader for Greater Los Angeles.
Cresa has more than 80 offices worldwide and has been growing its advisory platform through acquisitions this year. In October the firm bought Fischer, a national portfolio advisory shop, followed in November by Plano, Texas-based Bluechip, a data analytics firm used in site selection and workplace planning.
Cresa focuses exclusively on advising tenants on real estate decisions, from lease negotiations to relocations and build-outs. Clients typically hire Cresa to evaluate whether to renew a lease, move or consolidate space, then manage the design and construction work that follows. Public materials show Cresa professionals have represented companies including 3M, Dell, Smithfield Foods, Amazon, Imperfect Produce and Spreetail.
CMPG manages construction and retrofit projects across office, transit, entertainment, laboratory, industrial and public-sector properties across Southern California. This includes improvements at Los Angeles Union Station and work for the Doheny Eye Institute and Los Angeles Regional Food Bank. All 22 employees will join Cresa, and the CMPG name will be retired as the office is absorbed into Cresa’s regional network.