CBRE Group, the world’s largest commercial real estate services firm, grew a little larger Tuesday with the acquisition of Floored, a leading CRE tech innovator. Floored’s products will enhance CBRE’s commercial property marketing and the additional talent will develop technological applications to provide clients the upper hand in leasing. The company did not disclose the amount behind the deal.
Floored, Inc. has developed 3D visualization technology applicable to all sectors of real estate across the globe, including the commercial real estate industry. Floored Plans, formerly known as Protofit, is a powerful marketing and leasing tool helping users design customized 2D and 3D layouts with real-time metrics. The visualization product includes accurate panoramic views from any floor and layout testing with building code compliance. Over 65 million sqft of properties to date have used Floored Plans. Award-winning product Luma, rebranded as Floored Build, visualizes a space from design concept through leasing and marketing efforts. The interactive 3D experience empowers customers to explore the potential of non-existent or repositioned spaces from any angle in a customized walk-through experience.
Chandra Dhandapani, CBRE’s Chief Digital & Technology Officer, said in a press release the company is excited to add Floored’s 3D technology tools to CBRE’s product suite. “Many of our leading professionals and clients have been using Floored technology and are very excited about their solutions. It gives our professionals a powerful advantage in the marketplace, enabling them to configure, visualize and compare vacant space and arrange virtual tours. Our clients will continue to have access to these, and future, powerful products.”
The complete 36-member Floored team will join CBRE as part of the acquisition. CEO David Eisenberg will become CBRE’s Senior Vice President of Digital Enablement & Technology for the global firm’s Advisory & Transaction Services, the leasing arm of CBRE. Eisenberg said in a statement the team is excited to bring their innovations to CBRE and looks forward to building new technological advantages for its clients.
CBRE provides a wide spectrum of integrated CRE services such as property management, investment management, appraisal and valuation, strategic consulting, mortgage services, development services and more. The Fortune 500 company is the world’s top CRE services and investment firm based on 2015 revenue.