Colliers expands to Cincinnati and Cleveland, Ohio

Rhea-AI Summary

Colliers Acquires Market-Leading Operations in the Midwest

On March 7, 2022, Colliers (CIGI) announced the acquisition of Colliers Greater Cincinnati and Colliers Cleveland, enhancing its presence in key Midwestern markets. This strategic move allows for increased service capabilities and resources under Colliers’ brand. Established in 1958, Colliers Cincinnati has been a prominent commercial real estate firm, now encompassing over 100 professionals. The acquisition aligns with Colliers' growth strategy, targeting Cincinnati and Cleveland's robust economies and educated workforce to capitalize on new opportunities.

Positive

• Acquisition of Colliers Greater Cincinnati and Colliers Cleveland strengthens market position in the Midwest.
• Increased service capabilities and resources from Colliers' extensive platform.
• Cincinnati and Cleveland's economies are advantageous for growth, aligning with strategic plans.

Negative

• None.

Adds another market-leading operation in four key Midwestern markets

TORONTO and CINCINNATI, March 07, 2022 (GLOBE NEWSWIRE) -- Leading diversified professional services and investment management firm Colliers (NASDAQ and TSX: CIGI) today announced the acquisition of Colliers Greater Cincinnati and Colliers Cleveland (“Colliers | Greater Cincinnati - Dayton” and “Colliers | Cleveland – Akron”), which were previously affiliate operations. As company-owned operations, Colliers | Greater Cincinnati – Dayton and Colliers | Cleveland – Akron will be able to continue to build on their market leadership by increasing service capabilities and leveraging the resources of Colliers’ growing and innovative platform. Details of the transaction were not disclosed.

Founded in 1958, Colliers Cincinnati has been one of the leading commercial real estate services firms in Greater Cincinnati. Under the Colliers brand, it expanded into Cleveland in 2012. With more than 100 professionals, the operations provide landlord agency, tenant representation, investment sales brokerage, property management, and project management services to investors, developers, and occupiers of commercial real estate.

“Cincinnati’s and Cleveland’s diverse economies, low cost of living, strategically advantageous locations, and well-educated populations make these cities an important part of our strategic growth plan for the Midwest,” said Ryan Kratz, Colliers President, Southeast and Mid-Central Regions | U.S. Brokerage.

“Colliers | Greater Cincinnati – Dayton and Colliers | Cleveland – Akron have a team of highly respected and experienced professionals who have built outstanding reputations. This acquisition will allow the businesses to grow their presence and benefit from the full suite of service capabilities under the Colliers umbrella.”

“Integrating into Colliers was a natural next step that will allow us to capitalize on more opportunities in our two markets,” said Shenan Murphy, Vice Chairman of Colliers | Greater Cincinnati – Dayton and Colliers | Cleveland – Akron. “We look forward to accelerating our growth and continuing our success story by being a part of Colliers’ highly respected, global platform and leveraging its size, capital, established infrastructure, and industry leadership.”

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 64 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.1 billion and more than $50 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors, and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Company Contacts:

Christian Mayer
Chief Financial Officer
(416) 960-9500

Ryan Kratz
President, Southeast and Mid-Central Regions | U.S. Brokerage
(786) 517-4978

FAQ

What impact does Colliers' acquisition of Greater Cincinnati and Cleveland operations have on CIGI?

The acquisition enhances Colliers' market presence and service capabilities in key Midwestern markets, supporting overall growth.

When was the acquisition of Colliers Greater Cincinnati and Cleveland announced?

The acquisition was announced on March 7, 2022.

How many professionals does Colliers Greater Cincinnati employ?

Colliers Greater Cincinnati employs over 100 professionals.

What services will Colliers expand under its new acquisitions in the Midwest?

Colliers will expand services like landlord agency, tenant representation, investment sales brokerage, and property management.