CBRE Pays $110M for Lab Space Support Firm Full Spectrum Group
By Greg Cornfield November 10, 2022 4:05 pm
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CBRE Group is further entrenching itself in the growth of and demand for life sciences lab space around the United States.
The firm announced Wednesday that it acquired Full Spectrum Group, which provides technical support services for high-end laboratory systems around the country. CBRE (CBRE) Group paid $110 million to private equity firm Pfingsten Partners for the acquisition.
Full Spectrum Group, based in Laguna Hills, Calif., gives CBRE new technical capabilities to complement its global laboratory solutions in the fast-growing research and laboratory equipment sector. The firm will now be able to deliver highly specialized maintenance and repair services for critical laboratory assets, including high-end liquid and gas chromatography, mass spectrometry and thermal equipment.
Full Spectrum Group has more than 150 employees, including more than 100 engineers, in 20 locations throughout the U.S.
“Full Spectrum’s highly specialized capabilities and coverage in the key U.S. life sciences hubs further differentiates our Integrated Laboratory Solutions and positions CBRE to self-deliver an impressive range of scientific laboratory maintenance and repair services,” John Dunstan, CEO of CBRE’s global workplace solutions, said in a press release.
Despite recent economic setbacks and a dip in funding, demand has remained steady for life sciences and medical office space. Pricing and activity in hub markets continues to grow through the headwinds. According to a midyear report from Newmark, the niche sector has seen unbroken leasing and development momentum, while simultaneously highlighting areas for growth.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
