Washington Area Tops Coldwell Banker's Hit List

WASHINGTON, DC-Ten years after the expiration of its non-compete with CB Richard Ellis, Coldwell Banker Commercial Capitol Realty Services has made a play for its first top-tier market by setting its sights on the Metropolitan Washington, DC area. CB Richard Ellis had acquired Coldwell Banker Commercial, now a subsidiary of New York’s Cendant Corp., in 1989. The establishment of Parsippany, NJ-based Coldwell Banker Commercial’s new affiliate in the District came at the end of last year, and now the process of bringing in industry honchos to penetrate the market has begun.

Rick Davidson, principal and CEO, Kirk Boyd and Lee Alexander are behind the establishment of the Washington, DC Coldwell Banker Commercial. All three left prestigious posts at CB Richard Ellis to get the new company going, and have just recently brought in additional major industry players including Michael Paukstitus, formerly a force at Prudential Real Estate. First up on Coldwell Banker Commercial’s list of things to do is the expansion into a major Maryland market with an unspecified 650,000-sf project.