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CBRE first-quarter profit climbs 37%; revenue up 10%

CBRE first-quarter profit climbs 37%; revenue up 10%
CBRE headquarters in downtown Los Angeles. (Mel Melcon / Los Angeles Times)

CBRE Group Inc., the world's largest commercial real estate brokerage, reported first-quarter profit jumped 37% from a year earlier to $93 million, or 28 cents a share, bolstered by growth in commercial mortgage services and leasing.

Revenue for the Los Angeles company rose 10% to $2.1 billion.

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"There is good underlying momentum in our business, and the advantages we enjoy as the global market leader are becoming more pronounced as we continue to invest in our people, platform and service offering," Chief Executive Bob Sulentic said.

Revenues from brokering sales, leases and mortgages, and property management fees and other services were up 20% in the United States and nearby countries making up the Americas. The per-share profit, excluding one-time charges, was 32 cents, beating analysts' estimates of 26 cents.

CBRE shares closed down 7 cents, or 0.2%, at $38.59 after earnings were announced.

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