Colliers, CBRE affiliate deal finalized
As 2019 ramps up the dust is settling on the reorganization of Virginia’s commercial real estate brokerage scene.
On Friday, Colliers International announced it had closed on its acquisition of a majority interest in the former CBRE Inc. affiliate in Virginia. Shareholders of the former CBRE affiliate have retained equity in the business. Terms of the acquisition, which was announced in November, have not been disclosed.
J. Scott Adams, the president for Colliers International’s operations in Central and Southeast Virginia, says all 340 former CBRE affiliate employees, including brokers and property managers, became Colliers International employees on Jan. 1. Adams was previously CBRE’s regional president for its mid-South affiliate offices.
“All of our clients have fully endorsed the transition with a consistent message that it’s all about the people that serve their accounts – not the brands,” Adams says. “We’ve also received a large number of very interested calls from other brokers and organizations who want to learn more about Colliers.”
The former CBRE affiliates in Richmond, Norfolk, Charlottesville and Fredericksburg have been rebranded as Colliers International. Colliers also has operations in Tysons as part of its Greater Washington, D.C., office.
Ryan Kratz, Colliers International’s president of the Southeast region, says the firm’s expanded presence in Virginia creates more opportunities to serve clients with presences in different parts of the country.
Colliers International’s expanded Virginia presence comes after it cut ties with its affiliates in Richmond and Norfolk. Those operations have been rebranded as Harrison & Bates.
CBRE Inc. and its Virginia affiliates separated their businesses at the end of 2018. James “Jim” A. Reid was hired to temporarily oversee CBRE’s operations in Virginia moving forward. He said in November that CBRE Inc.’s business model is “whole ownership, full accountability.”