Ex-CBRE GI execs join Accord amid global expansion – Exclusive

The investment and advisory firm expects Asia to account for a third of its global business in the next 12 to 24 months.

Accord Group, the private real estate firm, has appointed two senior advisors to deepen its foothold across Asia and the EMEA region.

Richard Price, former chief executive for Asia-Pacific at CBRE Global Investors, came on board a few weeks ago. Price has 25 years of experience in Asian real estate markets and was responsible for leading and managing CBRE Global Investors’ real estate investment management business in the region. He was previously the chief executive of Asia at ING Real Estate Investment Management, which CBRE acquired in 2011.

Accord also hired Michael Clarke in June. Clarke was previously the senior managing director and head of investor services for EMEA at CBRE Global Investors. His 30-year industry experience also included working as a senior managing director, acting as co-portfolio manager for Mesirow Financial’s global fund of funds program, and establishing Schroders’ multi-manager business.

Price will be based in the firm’s San Francisco headquarters while Clarke will be working from London.

“We’re excited to have Richard and Michael join us and are confident their deep investment experience and global network will be of great benefit to Accord’s franchise, providing us with even greater reach and resources as we strive to assist our investors and clients in the international real estate capital markets,” said Desi Co, co-founder of Accord.

Over the past 18 months, the firm has been working towards expanding its investor and client relationships across Asia, with a focus on Japan and Korea. PERE understands the firm opened an office in Hong Kong in the first quarter of 2019.

An Asia expansion is the final piece in Accord’s global strategy after it merged its business with the London-based real estate corporate finance and advisory firm Lakestar Capital in 2014 to get a foothold into Europe. The strategic announcement came a year after Accord was officially formed by former Presidio Partners founders Jack Berquist and Co, along with fellow managing partner Jeff Sobczynski.

Until now, Accord’s business has been roughly evenly split between the US and Europe. In the next 12 to 24 months, the firm expects Asia to contribute a third to its global business, with the remainder coming equally from the US and Europe.