"I know they have met--definitely," one industry source claims of negotiations between the two entities. Based in Boston, Colliers has 241 offices in 54 countries, but is sans a branch in the city where it was founded in 1986. The vacuum occurred last year when long-time Boston partner Spaulding & Slye was bought out by Jones Lang LaSalle. FHO was formed after TCC was bought out by CB Richard Ellis, allowing a group to break off on its own.

Whether any talks between FHO and Colliers will lead to a union is uncertain, but one observer unaware of any discussions notes that Fallon Hines & O'Connor trumpeted the global reach of TCC when that firm joined forces in 1998. The $38 million-plus shelled out to Fallon Hines principals was clearly the bigger factor, but company officials cited TCC's far-reaching resources as another attraction, allowing many brokers to break into fresh markets. In the view of the observer, "it's tough to lose" the access and resources afforded an international platform.

Neither FHO nor Colliers appear ready to discuss the matter. A call to FHO was not returned by press deadline, while a Colliers spokeswoman would only accede the organization is eager to establish a local office again, calling Boston "a very important real estate market to us." She would neither confirm nor deny interest in FHO.