The real estate services and investment firm has acquired Onnec Group Limited, a London-based data center equipment provider, for $610 million, CBRE announced Tuesday. That number says more than any press release.
CBRE also agreed to pay up to $400 million more over the coming years based on Onnec’s growth targets. Founded in 1986, Onnec has approximately 800 employees who install equipment inside data centers for hyperscalers across the U.K., Europe and Asia Pacific.
I read this as CBRE paying a steep multiple for a labor-intensive capability, because the upfront price alone is $610 million for a company with only 800 employees.
During the second quarter of 2026, CBRE reported more than $700 million in revenue from its data center services.
In June 2024, CBRE bought the U.S.-based Direct Line Global, which provides technical infrastructure services, design and physical installation for data centers, with clients that include AWS, Microsoft and Meta.
Ask your data center operator: who actually installs and maintains the equipment inside your building, and what happens when that company gets bought by your landlord?