CBRE Group Inc. has acquired the CBRE|Hubbell Commercial brokerage division of Hubbell Realty Co., the companies announced today.

Hubbell Commercial, which has a team of 38 brokers and support professionals, has been CBRE’s Central Iowa affiliate since 1996.

“CBRE|Hubbell Commercial is a tremendous complement to our business in the greater Midwest,” Jeff Kaiser, CBRE’s senior managing director, said in a prepared statement.

Over the years, CBRE has been acquiring its affiliate offices, a spokesperson said. The Des Moines office was the last affiliate office in the Midwest. The company has five others in the U.S., he said.

“This acquisition will complement our brokerage capabilities in the Midwest,” the spokesperson wrote in an email. “Becoming a corporate office will create more access to the full range of services CBRE offers beyond traditional brokerage.”

CBRE Group is a Fortune 500 company that is headquartered in Dallas, Texas. It has more than 105,000 employees that serve clients in over 100 countries.

CBRE’s Des Moines office will be led by Bill Wright, who will be a managing director, according to the release. Wright has more than 30 years of brokerage experience. The CBRE team will operate out of Hubbell Realty Co.’s offices in West Des Moines but eventually will move to new space, according to the spokesperson.

The acquisition involves only Hubbell Commercial and not any other Hubbell Realty Co. divisions or operations, according to the news release.

“This transaction signifies the natural evolution of our longstanding relationship with CBRE,” Kyle Gamble, Hubbell’s executive vice president, said in a prepared statement. “We are looking forward to deploying the full strength of CBRE’s advisory and transaction team across Hubbell’s commercial real estate portfolio.”

Hubbell Realty, which was founded 165 years ago, has operations in Central Iowa, Omaha and Sioux Falls, S.D.