Kurt StoutColliers International Group has closed its previously announced acquisition of a majority interest in the operations of CBRE Group in Central and Southeast Virginia.
The deal is a notable one for the Commonwealth of Virginia — it is now the dominant market player in the state. CBRE's four offices in Richmond, Norfolk, Charlottesville and Fredericksburg will be rebranded as Colliers International. The combined company's 340 professionals now oversee a 58-million-square-foot asset services portfolio and completed more than $1.8 billion in sale and lease transactions during 2018.
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The transaction also positions Colliers Virginia a leading provider of asset services to General Services Administration-leased asset investor clients throughout the country.
“The CBRE Richmond affiliate was the largest manager of federal government properties in the United States. Colliers was the second largest,” Kurt Stout, Executive Vice President Government Solutions at Colliers International, tells GlobeSt.com. “Together the combined national portfolio is now 271 government-leased assets totaling nearly 21 million square feet.”
He also notes that where GSA is the predominate tenant in buildings larger than 25,000 square feet, Colliers now manages roughly 1 in every 7 of these assets nationally.
“The addition of this much property management and project management talent is incredibly synergistic with our leasing and investment sales service offerings,” Stout says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
