Fausone has been with the company for nearly 18 years and has been chief operating officer since 1989, he says. Fausone, who will also continue as chief operating officer, tells GlobeSt.com that his duties will not change much in the new role. "I think a lot of it more was probably more of a recognition for me than a change in duties for (Kahnweiler)," Fausone says.

As chief operating officer, Fausone had been working closely with Kahnweiler and will continue to do so. Kahnweiler has been quite active as chairman of Colliers USA while Fausone has "been keeping the shop running" locally, Fausone says. "We have been building the business together for the past four or five years, growing the management company from 4 million sf to 23 million sf and sort of doubled the amount of professionals in the company," Fausone says. "It will sort of be a continuation of the same, just a little bit more of the strategic side probably."

The company only does promotions once a year, which is why Fausone, Behm, Devine, Stauber are all being promoted at the same time in addition to several other employees to vice president, senior vice president and executive vice president. "For the principal selection here there is no formula. It is sort of leadership both within the industry and the community and brokerage production are the two big things that veer in that decision," he says.