CBRE Group acquires Whitestone Research Corp.
CBRE Group, Inc. has acquired Whitestone Research Corp., a provider of facilities-related cost analytics tools and services.
Based in Santa Barbara, CA, Whitestone provides consulting services, cloud and server-based software tools, and statistical indices that accurately model, forecast, and benchmark facilities costs for single assets and global real estate portfolios. Whitestone also publishes operations and maintenance and repair cost references for markets worldwide.
“Our clients rely on CBRE for strategic advice to maximize the efficiency of their portfolio and optimize their facilities expenses,” said Bill Concannon, CBRE’s CEO of Global Corporate Services (GCS). “Whitestone’s benchmarking and analytical tools, combined with the expertise of their professionals, will enable CBRE to take a more sophisticated, data-driven approach to advising both occupier and investor clients regarding facilities costs.”
Among Whitestone’s proprietary technologies is CostLab, its online cost analytics tool, which forecasts operating and maintenance costs for every asset type in over 400 worldwide locations. CostLab provides detailed cost comparisons for maintenance and repair, custodial, energy, grounds management, pest control, refuse removal, road clearance, security, telecommunications, and water and sewer functions.
“We are very excited to join CBRE and look forward to bringing our analytical capabilities and tools to CBRE’s blue-chip clients,” said Peter Lufkin, who founded Whitestone in 1993. “Our products and services enhance CBRE’s expertise in a host of areas, most notably facilities management. By coming together, we will provide more innovative facilities cost benchmarking, modeling, and forecasting capabilities for clients globally.”
The Whitestone team will be part of CBRE’s GCS Consulting Group, led by Karen Ellzey, executive managing director.