According to a release, the combined Colliers International isnow ranked as the global commercial real estate industry's thirdlargest services firm, with 15,000 employees worldwide. With an eyetoward completing its transition from a decentralized network ofaffiliates to a more centrally owned and operated firm,FirstService REA will work with its operating partners to providegreater stability and consistency in its operations and enhancedclient service delivery throughout the Colliers Internationalorganization, the release states.

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"Colliers International has many distinct competitive advantageswhen compared to other global service providers," Douglas P. Frye,chairman and CEO of Colliers International, says in a statement."Our successful partnership model enables key executives to retainsignificant equity in the businesses they operate day-to-daycreating more alignment and accountability; ensuring clientsreceive the highest level of service and consistent delivery overthe long-term." He called the transition to a centrally owned andoperated entity "a milestone in our company's history."

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Dylan Taylor, president and CEO of FirstService REA, will becomepresident and CEO of Colliers International in the USA. He tellsGlobeSt.com that the most obvious advantage of the new combinationis having "one unified, clear-cut brand, not only in the US butglobally." Additionally, it will enhance the company's ability toprovide "platform services," such as institutional and corporateproperty management. In local markets worldwide, the ColliersInternational ownership model will "enable us to attract and retainthe best people," he says.

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FirstService REA was the largest member of ColliersInternational when its parent company, Canada-based FirstService,acquired it in 2004. Subsquently, FirstService REA acquiredcontrolling stakes in FirstService PGP Property Valuation, PKFHotel and Hospitality Consulting, MHPM Project Leaders andFirstService Williams, FirstService REA's New York tri-state areabrokerage hub formerly known as GVA Williams.

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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.