MINNEAPOLIS-Locally based Griffin Cos. is merging with Coldwell Banker Commercial Affiliates. The commercial real estate firm will now be known as Coldwell Banker Commercial Griffin Cos.

The firm has considered merging with a national or global firm for a few years, says Bill Ostlund, president of Griffin Cos. “It was well thought out and the time and the fit was right,” he says.

The industry has changed and Griffin Cos. felt that it could better serve its clients’ needs and increase its business by merging with a national or global firm, he says. Coldwell Banker “brings a lot to the table and those deliverables, I think, will make us a better company.”

Griffin Cos., which has been in business for 39 years, has a staff of about 50, including 16 commercial sales professionals, Ostlund says. “We have a long history in our market.” All of Griffin’s staff will remain after the merger and, in fact, the firm expects to expand, Ostlund says.

The expansion may be done through hiring of additional staff or through the acquisition of other firms, Ostlund tells GlobeSt.com. Griffin will continue to offer broker services in addition to property management, construction management and maintenance services, he says. The firm hopes to grow its business “10 times over the next 10 years,” he says.

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