A longtime Charleston commercial real estate firm is announcing today that it’s been sold to a global company that it’s been affiliated with for 16 years,
CB Richard Ellis Carmody is now part of by Los Angeles-based CBRE Group Inc.
Financial terms of the deal were not disclosed.
The firm was started in Charleston as The Carmody Co. in 1992 by Brian Carmody and son Charles Carmody. It became the South Carolina coastal market affiliate of CBRE in 1997.
The local firm provides leasing, investment sales, property management, research and consulting services. Its Meeting Street office has a staff of 23 and oversees nearly 4 million square feet of commercial space in the region. All employees will stay on with the new owner.
Based on 2012 revenue, CBRE is the world’s largest commercial real estate services and investment company. It has more than 37,000 employees at about 300 corporate-owned offices worldwide. Its shares trade on the New York Stock Exchange.
“What it does for us here in Charleston is we’ll have access to everything that the other company-owned offices have, and that will greatly enhance our resources in regard to marketing, research and technology,” said Charles Carmody, who has been named senior vice president at CBRE Group and remains broker-in-charge of the local office. “That will greatly enhance our ability to lease, manage and sell commercial real estate in Charleston because we have this big international platform.”
CBRE Group said in statement it’s been impressed by the region’s “solid employment growth and the ongoing expansion of the Port of Charleston.”
“The port enables the Charleston market to be an important feeder of business throughout the Southeast,” the company said.
Contact John McDermott at 937-5572.