Source : The Business Times, August 14, 2008
(NEW YORK) Commercial real estate broker Colliers ABR is combining with three affiliates to expand its services as rivals grow through acquisitions.
Formerly independent Colliers offices in Washington, Baltimore and St Louis will join forces with the New York firm, the companies said in a news release issued on Tuesday.
The consolidation will create the largest independent commercial property brokerage in the United States, Colliers ABR Chairman Mark Boisi said in an interview. It will make Colliers ABR into a stronger competitor in New York, and strengthen the Colliers International brand globally, he said.
Commercial brokers are joining forces to expand their tenant representation business as commissions from property sales may decline in the credit crisis. Jones Lang LaSalle Inc, the world's second-largest commercial real estate broker, agreed to buy the Staubach Co for US$613 million in June.
'This will allow us to supercharge our platform in New York and provide us with the opportunity to offer a greater breadth of services,' Mr Boisi said, particularly in the areas of corporate real estate account services and investment capital formation.
Washington-based Cassidy & Pinkard Colliers, Baltimore-based Colliers Pinkard, and St Louis-based Colliers Turley Martin Tucker will join with Colliers ABR. All four companies are members of Colliers International, a worldwide alliance of independently owned and operated real estate service firms. -- Bloomberg
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