Thalhimer pushes into North Carolina as part of a rebranding with Cushman & Wakefield
- January 13, 2011
Thalhimer, a commercial real estate firm with deep Virginia roots, is pushing into North Carolina as part of an expanded alliance with Cushman & Wakefield.
The rebranding of the 98-year-old Thalhimer name, a member of the Cushman and Wakefield Alliance since 2002, comes with the firm’s expansion past Virginia borders.
Thalhimer announced that it has opened an office in Charlotte under the new name of Cushman & Wakefield | Thalhimer. Four local brokers are staffing the office.
The firm also plans to open an office soon in Raleigh. In addition, its six Virginia offices including the Henrico County headquarters and locations in Newport News, Virginia Beach, Fredericksburg, Roanoke, Lynchburg, will operate under the new, co-branded name.
“We are delighted to strengthen our partnership with a global leader with a proven record of performance,” Paul F. Silver, President and CEO of Thalhimer, said in a statement.
According to Thalhimer, the alliance provides benefits for both firms. It gives Thalhimer access to the capital markets and corporate services business lines of the world’s largest privately-held commercial real estate services firm, and it gives Cushman access to local talent in good markets. Wakefield has 230 offices in 60 countries and 13,000 employees. Its alliance includes 27 member firms in U. S. markets of strategic importance.
Thalhimer, founded in Richmond in 1913, is Virginia’s largest real estate firm. With 300 associates it manages a property portfolio of 32 million leasable square feet. In 2009, the firm says it completed more than 1,600 transactions valued at more than a half billion dollars. Silver said in an interview that co-branding with larger firms is the trend of the future. While there’ll always be a place for the small niche boutique firm, Silver said many investors and clients want to work with firms that can offer comprehensive services over a broad platform. “They want a firm rich in talent, knowledge and contacts, and you couple that with a global firm with an extensive platform, and you have what the marketplace demands.”
Jim Underhill CEO, Americas, of Cushman & Wakefield, said in a statement that his company’s strong relationship with Thalhimer in Virginia led to the expansion of the alliance in North Carolina.
“Our central focus is premier client service in the markets where we have a presence … Thalhimer is highly qualified to help us grow our presence in the state of North Carolina.”
The rebranding does not involve the sale of the firm or an exchange of stock between the companies. However, Thalhimer is replacing its signature yellow signs with new red and white co-branded signs. Asked if he felt any sense of sadness at seeing change in the oldline company’s image, Silver said, “What’s interesting about firms with a long history is that they do change as the marketplace changes. The past has been fabulous, the present is enjoyable and the future is exciting.”