NEW YORK CITY—GlobeSt.com has confirmed published reports—through an anonymous and independent source—that Colliers International is planning to acquire retail powerhouse RKF. The latter firm has approximately $20 billion in aggregate real estate transactions to its credit, giving Colliers' retail operations a major boost.
With seven offices throughout the US as well as outposts in Toronto and London, Robert K. Futterman & Associates offers a worldwide presence and, according to the Real Deal, it was Manhattan's second-most active retail firm in 2013—based on total square feet leased from 125th Street and below. RKF is owned by Robert Futterman, the company's founder, chairman and CEO.
First reported Sunday in the Real Deal, a merger would give Colliers a chance to compete with Cushman & Wakefield, which gained a major shot in its retail arm late last year when it brought on Laura Pomerantz as vice chairman. The firm cemented its edge Monday when it hired 30-year retail industry veteran Steve Birkhold as executive director of office brokerage.
A price to acquire RKF has not been reported. However, last fall, sources in a Real Deal story about the firm possibly being acquired by CBRE pegged the company as having a value of $40 million to $80 million. An executive of Colliers as well as spokesmen for the firm declined to comment to GlobeSt.com. An RKF representative would neither confirm nor deny reports of a merger.
However, in a written statement the company says, "Over the years, there have been many strategic and financial investors that have expressed interest in RKF. We are always open to looking for opportunities to expand our platform and provide enhanced services for our clients. The company remains 100% owned by Robert Futterman."
A Colliers acquisition of RKF would cap off several months filled with mergers and acquisitions activity in the commercial real estate space. Last month, DTZ acquired Cushman for $2 billion after the larger firm bought Cassidy Turley in January. Late last year, Cushman & Wakefield did its part, picking up Massey Knakal Realty Services for a reported $100 million.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
