Colliers International and FirstService Real Estate Advisors (REA), the property services firms, have merged their businesses to become the third largest firm in the sector behind CB Richard Ellis and Jones Lang LaSalle.
The combined business, to retain the name Colliers International, employs more than 15,000 people across 480 offices in 61 countries. The merger also creates a business with combined revenue of more than $1.9 billion annually.
Seattle-based firm, FirstService REA, a subsidiary of FirstService Corporation, will transform Colliers International from a network of businesses to a centrally operated firm. According to an announcement by the new firm, it will adopt the operating practices and partnership model of FirstService REA.
Douglas Frye, chairman and chief executive officer of Colliers International , said: “Colliers International has many distinct competitive advantages when compare to other global service providers.”
He added that under the terms of the merger, key executives from the two firms would retain “significant equity” the business to ensure an alignment of interest between staff and the company is maintained.
Dylan Taylor, president and chief executive officer of FirstService REA, said: “The strategic integration of the business and service brands not only facilitate maximum service levels to our clients, but it also helps us attract the best and the brightest in the industry – those who are entrepreneurial and client centric by nature and who seek opportunities that match their industry goals.”