SEATTLE: Colliers International and FirstService Real Estate Advisors (“FirstService REA”) announced today that they will combine their operations and global real estate services platforms. The combined entity will assume FirstService REA’s industry-unique operating and partnership model and operate as Colliers International in 61 countries around the world. FirstService REA is an autonomous subsidiary of publicly traded FirstService Corporation (Nasdaq: FSRV; TSX: FSV).
With this announced combination, Colliers International is now ranked as the global commercial real estate industry’s 3rd largest real estate services firm. As it completes the transition from a decentralized network of affiliates to a more centrally owned and operated firm, FirstService REA will work with its operating partners to provide greater stability and consistency in its operations and enhanced client service delivery throughout the Colliers International organization.
“Colliers International has many distinct competitive advantages when compared to other global service providers,” said Douglas P. Frye, Chairman and CEO of Colliers International. “Our successful partnership model enables key executives to retain significant equity in the businesses they operate day-to-day creating more alignment and accountability; ensuring clients receive the highest level of service and consistent delivery over the long-term.”
FirstService REA embarked on one of the most aggressive global expansions in the history of commercial real estate, largely executed during a time when competitors were scaling back due to the global economic recession. Expansion began in 2004, when parent company FirstService invested in FirstService REA, the largest member of Colliers International. First Service REA subsequently acquired controlling stakes in several North American-based commercial real estate service specialties including FirstService PGP Property Valuation, PKF Hotel and Hospitality Consulting, MHPM Project Leaders and FirstService Williams, FirstService REA’s New York Tri-State area brokerage hub.
Concurrently, FirstService REA expanded globally acquiring significant equity interests in Colliers International operations in the United Kingdom, Ireland, Spain, Russia and several other countries in Western and Eastern Europe and Asia Pacific.
FirstService REA also launched Corporate Solutions and Institutional Asset and Property Management divisions, both tactical infrastructure enhancements that integrated essential service offerings in the United States and aligned with those of Colliers International offices globally. Currently, Corporate Solutions and Institutional Asset and Property Management operations are located in key markets throughout the U.S.
The fully integrated Colliers International business employs more than 15,000 people in 480 offices in 61 countries, and generates in excess of $1.9 billion in revenues annually.
“The strategic integration of our business and service brands not only facilitates maximum service levels to our clients, but it also helps us attract the best and brightest in the industry — those who are entrepreneurial and client centric by nature and who seek opportunities that match their industry aspirations,” said Dylan Taylor, President and CEO of FirstService REA who will become President and CEO of Colliers International in the USA.
“Colliers International has emerged as the 3rd largest global leader in commercial real estate services,” Frye said. “This is a milestone in our company’s history and another step forward in providing our clients with a broad range of highly specialized real estate services delivered seamlessly throughout the United States and 61 countries globally. With the transition to the Colliers International brand, as one centrally owned and operated entity together with local partners owning significant equity in their own operations, the industry has fundamentally shifted to an entirely new level of service excellence,” concluded Frye.
About Colliers International
Colliers International is a leading global real estate services company that provides a full range of services to real estate users, owners and investors worldwide. Colliers operates in 61 countries. Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research.