CBRE Group, the world’s largest commercial real estate brokerage by revenue, has named a new chief investment officer to help bolster the firm by putting together would-be merger and acquisition deals with the help of $4.8 billion on the company’s balance sheet.
The Dallas-based real estate brokerage firm, known for making a big investment in Industrious and acquiring a majority ownership in Turner & Townsend, based in the United Kingdom, named Croft Young, a senior investment banker, as its new chief investment officer. Young is expected to join CBRE in July, CBRE said in a statement.
Young, the former managing director at Morgan Stanley where he worked for nearly 14 years, said on LinkedIn he was “excited to join a firm of CBRE’s pedigree.” Once he joins the firm, the company’s global corporate development and strategy teams will report to him. He will report directly to Bob Sulentic, CBRE’s president and CEO.
Young was not immediately available for an interview, a CBRE spokeswoman told CoStar News.
In recent years, CBRE has enhanced its market position with a combination of organic growth and mergers and acquisitions. With $4.8 billion of liquidity at the end of 2022, CBRE officials say the company “is positioned to make further strategic gains in M&A” under Young’s leadership.
Sulentic, who recently received a performance-driven award helping push his compensation to nearly $26 million last year, said Young “has an exceptional M&A track record in the real estate sector and couples this with strong strategic and leadership skills.”
In Young’s time at Morgan Stanley as a senior investment banker, he specialized in real estate, gaming and lodging investment, according to his LinkedIn profile.
During his tenure at Morgan Stanley, Young has been involved in $175 billion of strategic and capital transactions, including the sale of Industrial Properties Trust to Prologis and the sale of Fairmont Raffles Hotels International to Accor SA.
His clients range from public and private real estate investors, investment managers, service providers and operators.
Young served in the United States Marine Corps for 13 years, including in active duty and in the reserves, according to CBRE. He completed two combat tours in Fallujah, Iraq, between 2004 and 2006, and rose to the rank of major.
Young has a bachelor’s degree from the University of North Carolina at Chapel Hill and an MBA from UNC’s Kenan-Flagler Business School.