Dallas-based commercial property giant CBRE Group Inc. has joined the growing ranks of Western companies curtailing business operations in Russia.
U.S. firms in particular are pulling out of Russia after its unwarranted attack on neighboring Ukraine.
“The company has begun the process of exiting its office in Moscow, which provides leasing, investment, property management and valuation services, and terminating two existing affiliate relationships in the country,” CBRE announced on Monday. “Consistent with its contractual obligations, CBRE will continue to manage facilities and provide other essential services for existing multinational clients that are operating in Russia.
“CBRE is working diligently to support its loyal and hard-working colleagues in Russia who will transition from the company,” according to the statement. “CBRE regrets the impact that this transition will have on those employees, who are leaving the company through no fault of their own.”
The worldwide commercial property firm, which moved its headquarters to Dallas in 2020, said less than 1% of its revenue comes from operations in Russia.
Another big Texas real estate firm — Houston-based Hines — has longtime, extensive operations in Russia. The developer has said it will halt new investments in the country but continues to have holdings there.
“Hines is fulfilling our commitments in Russia to our existing investors, partners, tenants and lenders,” the company says on its website.
