new entity known as Colliers International, FirstService Williams becomes the tri-state area hub for the combined Colliers operations. For tri-state clients of FSW, which has been in operation under various names for 90 years, the transition means both change and continuity, FSW CEO Mark Jaccom tells GlobeSt.com.
Aside from the Colliers name and branding, which will be adopted during this quarter, there's also the new global ranking of the combined operation of Colliers and FirstService Real Estate Advisors: the third largest in the world, company officials say. And there's a shift to "centralized ownership" rather than a worldwide network of local partnerships, Jaccom says.
What's remaining the same as Jaccom becomes tri-state CEO at Colliers is the local leadership. He tells GlobeSt.com that the other mainstays of FSW--executive chairman Robert L. Freedman, president Michael T. Cohen and vice chairman Andrew Roos--are all very much part of the Colliers tri-state hub, which includes 300 employees in New Jersey and Connecticut as well as Manhattan. Along with focusing on their individual areas of expertise, such as leasing and investment sales, they'll also be key players in the decision-making process, says Jaccom.
The idea of integrating Colliers International's global platform with local expertise, Jaccom says, is to service clients "on a local, regional, national and global basis." Globally, the combined Colliers International has 15,000 employees and 480 offices in 61 countries, and a services platform that includes global corporate solutions and institutional asset and property management. These platforms were launched amid FirstService REA's expansion a few years ago; in a release, the combined company describes these as "tactical infrastructure enhancements that integrated essential service offerings in the United States and aligned with those of Colliers International offices globally." The company says it generates worldwide revenues of $1.9 billion annually.
Jaccom is bullish on that global platform and on his company's growth prospects in the current market. "At a time when our competitors are cutting back and reducing headcount, we're expanding," he tells GlobeSt.com. He points out that the Colliers International umbrella also includes PGP Property Valuation, PKF Hotel and Hospitality Consulting and MHPM Project Leaders, all acquisitions that Jaccom says expand the company's reach.
The PGP, PKP and MHPM acquisitions occurred during an aggressive expansion into commercial real estate that began in 2004, with parent company FirstService becoming majority shareholder in what was then known as Colliers Macaulay Nicolls, the largest member of the Colliers network that began in 1976. The Toronto-based FirstService then expanded globally with significant equity interests in Colliers operations in the UK, Ireland, Spain, Russia and several other countries in Western and Eastern Europe and Asia Pacific. It acquired what was then known as GVA Williams in 2008.
With the Jan. 4 announcement that FirstService REA and Colliers International were joining forces, FirstService REA increased its ownership of Colliers globally to about 70%, with local operators owning the balance of the equity. "The strategic integration of our business and service brands not only facilitates maximum service levels to our clients, but 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 industruy goals," Dylan Taylor, newly named president of Colliers International in the USA, said in a release announcing the combination.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
