Colliers International has expanded its reach by completing the acquisition of a majority interest in the operations of the former affiliate of CBRE.
The Virginia-based brokerage, founded in 1983, is the market leader in the region with 340 professionals overseeing a 58-million-square-foot asset services portfolio and completed more than $1.8 billion in sale and lease transactions during 2018 for owner and occupier clients.
The acquisition of the four offices – in Richmond, Norfolk, Charlottesville, and Fredericksburg – will be rebranded as Colliers International immediately.
“We are thrilled to join a company like Colliers whose core principles and values align perfectly with our enterprising culture and focus on service excellence,” said Scott Adams, President of Colliers Virginia. “We look forward to the opportunity to fully leverage our collective scale, resources and international infrastructure to continue our growth, and accelerate the success of our clients and professionals.”
Ryan Kratz, president of the southeast region US Brokerage for Colliers International added that the acquisition of the market-leading Virginia platform exemplifies Colliers’ determination to attract the best in the business.
“Our objective continues to be to elevate the Colliers International platform as the global firm of choice for successful organizations anywhere they do business, and for professionals who thrive within an enterprising and entrepreneurial culture,” he said.
The current shareholders of the acquired business continue to retain equity under the Colliers partnership model. Terms of the transaction were not disclosed.