Toronto firm buys Colliers Hawaii
The new owners plan to retain employees at the commercial real estate brokerage
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Thirty-four years after it was first founded, Honolulu-based Colliers Hawaii will become part of Canadian firm FirstService Corp.
FirstService has acquired the majority interest of the firm, also known as Colliers Monroe Friedlander, but will retain all employees and encourage business as usual.
Terms of the transaction were not disclosed, although senior management, active brokers and employees will retain the balance of the equity. Colliers Hawaii co-founder and Vice Chairman Andrew Friedlander says it will present the Hawaii firm with global opportunities.
Colliers Hawaii last year oversaw more than $600 million in commercial real estate transactions and managed more than 5 million square feet of commercial property.
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FirstService Corp. of Toronto, Canada, which operates globally as Colliers International, has acquired the majority interest of Honolulu-based Colliers Monroe Friedlander.
Terms of the transaction were not disclosed, although senior management, active brokers and employees will retain the balance of the equity. Colliers International is also known as Colliers Macaulay Nicolls Inc., or Colliers CMN.
Colliers Hawaii, founded in 1973 by Andrew Friedlander and Donald Monroe,* currently has more than 100 professionals operating from two offices, offering brokerage in office, retail, industrial, and investment properties, as well as property management and consulting services.
In 1998, Monroe and Friedlander teamed up with Colliers International, and the company became known as Colliers Monroe Friedlander, or Colliers Hawaii.
Last year, Colliers Hawaii advised on more than $600 million in commercial real estate transactions and managed more than 5 million square feet of commercial property.
"This is the most incredible opportunity we can bring to the state of Hawaii," said Friedlander. "The connections we now have on an international basis are so important to the future of Hawaii and our firm."
Friedlander said many corporations were interested in Colliers Hawaii because of its position in the market.
"We had a lot of interest," he said. "But the reason we were attracted to this organization is that they had the most incredible training program. This bodes well for our senior people as well as new people coming into the business."
Doug Frye, CEO of Colliers CMN and chairman of Colliers International, said the partnership was a natural choice, after having worked with the senior managers and brokers of Colliers Hawaii for many years.
Frye called Colliers Hawaii a market leader and an important gateway to the Pacific Rim, which he said would position the corporation to further capitalize on the significant and growing business in the Asia Pacific region.
"By continuing to expand our business with quality partners in key growth markets, we continue to improve our service offering to our clients and accelerate their success," said Frye.
Besides providing commercial real estate services through Colliers International, FirstService Corp. also offers residential property management, property improvement services such as California Closets and Certa Pro Painters and integrated security systems such as Intercon Security.
In January 2005, Friedlander stepped down as CEO of Colliers Hawaii and became its principal broker. James Piane, a former senior investment manager for Morgan Stanley in San Francisco, then stepped in as CEO.
Friedlander will continue on as vice chairman and principal broker, and Piane will continue on as CEO. Colliers Hawaii will continue to do business as Colliers Hawaii, and all employees will be retained.
"It will be business as usual," said Friedlander.
The consolidation of commercial real estate companies may well be a national or international trend.
In December, California-based CB Richard Ellis acquired CB Richard Ellis of Honolulu. CBRE Hawaii split from its parent six years prior to the acquisition to become a local operation, only to return to its fold at the end of last year.