Trammell Crow Company has bought London-based office developer Candour, marking its debut in the UK offices sector.
Candour founders Toby Pentecost and Dan Rees will join the firm as senior vice-presidents and co-heads of UK offices.
The duo will lead the US-based developer’s expansion into the European offices market. Before the deal, firm’s European business largely focused on logistics.
TCC will complete some 840,000 sq ft of grade-A commercial projects in Candour’s development pipeline. Projects include the Welcome Building in Bristol, 39 Deansgate in Manchester city centre, and the strategic repositioning of two London office assets.
The developments will be added to the US firm’s existing $15.4bn (£12.7bn) projects in process and $14.5bn pipeline.
David Neuman, president, Europe at Trammell Crow Company, said: “UK office sector fundamentals remain attractive, particularly for well-conceived, newly developed, ESG-focused properties.
“With Dan and Toby leading our efforts, we are well positioned to make an immediate impact in the sector. The team’s entrepreneurial spirit and focus on developing best-in-class, ESG-focused projects and maximising outcomes for all stakeholders is aligned with our firm’s philosophy.”
Pentecost said the deal will accelerate Candour’s growth and expansion plans.
“Together we will have the capacity to create even more prime, sustainable developments that inspire the world of work and that will allow us to continue to serve our occupiers and capital partners and provide positive returns for all our stakeholders,” said Pentecost.
“The opportunity to help lead the largest US developer’s expansion into the European offices marketplace for the first time is a tremendous endorsement of what we have created with Candour.”
Rees said: “We are proud of the exceptional properties and results we have achieved on this incredible journey since Toby and I founded Candour in 2019.
“Becoming part of TCC’s European growth story at this opportunistic time in the market is an exciting way to begin the next chapter as we continue our upward trajectory. We are hugely grateful to our capital partners for their continued support along the way.”
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