CBRE Services, Inc. filed a free writing prospectus on October 27, 2026, disclosing final pricing terms for a $1,000,000,000 two-tranche senior notes offering consisting of $500,000,000 in 5.650% Senior Notes due 2032 and $500,000,000 in 5.900% Senior Notes due 2037, guaranteed by CBRE Group, Inc.

Key Highlights

  • Two tranches priced: $500,000,000 of 5.650% Senior Notes due January 15, 2032, and $500,000,000 of 5.900% Senior Notes due January 15, 2037.
  • Public offering prices: The 2032 Notes priced at 99.424% of principal; the 2037 Notes priced at 97.872% of principal.
  • Net proceeds: $494,120,000 for the 2032 Notes and $486,110,000 for the 2037 Notes, after deducting underwriting discounts but before expenses.
  • Expected ratings: Baa1 (Moody's), BBB+ (S&P), and BBB+ (Fitch), according to the filing.
  • Settlement date: November 5, 2026 (T+7), with interest payments on January 15 and July 15 each year, commencing January 15, 2027.
  • Spreads to benchmark: The 2032 Notes priced at +95 basis points over the UST 5.000% due September 30, 2031; the 2037 Notes priced at +120 basis points over the UST 4.625% due August 15, 2036.
  • Conflict of interest disclosed: CBRE Capital Advisors, Inc., a subsidiary of CBRE Group Inc., is deemed to have a "conflict of interest" under FINRA Rule 5121, and the offering is being conducted in accordance with that rule's requirements.

Pricing Details and Structure of the CBRE Services Dual-Tranche Note Issuance

According to the filing, CBRE Services, Inc. served as the issuer of both tranches, with CBRE Group, Inc. acting as guarantor. The 2032 Notes carry a coupon of 5.650% and a yield to maturity of 5.782%, while the 2037 Notes carry a coupon of 5.900% and a yield to maturity of 6.186%. The trade date for both tranches was October 27, 2026, and settlement is expected on November 5, 2026 under a T+7 cycle. The filing notes that purchasers wishing to trade the notes before the first business day prior to settlement must specify an alternate settlement cycle to prevent a failed settlement.

The filing discloses optional redemption terms for each tranche. For the 2032 Notes, a make-whole call applies at T+15 basis points prior to December 15, 2031, with par call available on or after that date. For the 2037 Notes, a make-whole call applies at T+20 basis points prior to October 15, 2036, with par call available on or after October 15, 2036. CUSIP identifiers are 12505B AN0 for the 2032 Notes and 12505B AP5 for the 2037 Notes, as disclosed in the filing.

Wells Fargo Securities, LLC, BofA Securities, Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., NatWest Markets Securities Inc., and Scotia Capital (USA) Inc. are listed as joint book-running managers. The filing also identifies ING Financial Markets LLC and U.S. Bancorp Investments, Inc. as senior co-managers, and Morgan Stanley & Co. LLC, Standard Chartered Bank, ANZ Securities, Inc., and CBRE Capital Advisors, Inc. as co-managers. The filing further states that "Standard Chartered Bank will not effect any offers or sales of any notes in the United States unless it is through one or more U.S. registered broker-dealers as permitted by the regulations of FINRA."

What Was Disclosed

CBRE Services, Inc. disclosed the final pricing terms for a $1,000,000,000 two-tranche senior notes offering filed as a free writing prospectus under Rule 433, supplementing a preliminary prospectus supplement dated October 27, 2026, under Registration Statement No. 333-276141.