BALITMORE, MD—Colliers International announced on Tuesday that it and its affiliate in Baltimore had agreed to terminate their relationship. The company is planning to establish a company-owned office in the city as part of its plan to expand operations in the Mid-Atlantic.

A spokeswomen for Colliers declined to comment to GlobeSt.com beyond the press release.

Tim Hearn, CEO and principal of the Baltimore office tells GlobeSt.com that the split was very amicable. "We wish them well in their new strategy."

The office will continue to be Colliers' licensee for a while, as the company evaluates all its options, Hearn said.

The local affiliate has been in operation in the city for ten years or more with the expected contacts and relationships in place. The termination means that the Baltimore office headed by Hearn will continue to represent the landlords and developers and tenants that are clients of the office.

Since Colliers is not talking, the market can only speculate about what the move means. Colliers formally separated from FirstService Corp. this past summer and began trading on the NASDAQ and the Toronto Stock Exchange.

Jay Hennick, who founded Colliers International's former parent company in 1989, became the services firm's chairman and CEO. The firm has revealed little details about its growth strategy since then other than obligatory mission statements.

Hennick, for instance, said in June that the company's growth strategy will consist of internal growth augmented by strategic acquisitions.

He didn't say much about ending ties with affiliates but then perhaps Baltimore was a one-off decision.

Or perhaps it will be the start of a new trend for the company.

Instant Insights /

Colliers, Baltimore Affiliate Terminate Relationship

Related Stories

Recommended For You