SAN RAFAEL, FAIRFIELD -- In two separate deals, commercial real estate brokerages BT Commercial, which has three North Bay offices, and Colliers International, which has one in Solano County, are becoming part of two of the largest commercial property services companies.
Daily functions are expected remain much the same, according to managing partners of local operations. Colliers' eight-person Fairfield office (link) is one of the offices in 61 countries merging Seattle-based FirstService Real Estate Advisors, which has a presence in 41 countries. Colliers is now the world's third-largest commercial real estate company, according to the company.
"We'll be the same as always," said Fairfield managing partner Brooks Pedder. "You're going to see Colliers operating no differently."
Over the next two months, San Francisco-based BT (www.btcommercial.com) will phase out its affiliation with the NAI global network of brokerages and take on the name of a new St. Louis-based commercial real estate company called Cassidy Turley, according to Chief Executive Officer Mike Kamm. Also connected to the new company, which now has 57 offices, are four former Colliers firms on the East Coast and two BRE Commercial brokerages in Southern California and Arizona.
"It's a very significant player in property management," he said. "It will mean we will be hiring people locally over time."
Becoming more competitive with Jones Lang LaSalle, CB Richard Ellis and Cushman & Wakefield in property management, which provides recurring revenue to add to income from transactions, was a driving factor in the joint venture, according to Mr. Kamm.
BT affiliated with Woodmont Real Estate Services of Belmont for asset management in 1988. Last year, BT started a property management division and now oversees a portfolio of about 1.5 million square feet.
"In the North Bay, property management resources and institutional services selling platform are two things for a certain tier of client that will be valued," said Greg Moss, North Bay managing partner, referring to owners of several properties. "Some local clients will just want to work with brokers."
Back-office property management likely would be handled in Cassidy Turley in the Midwest, but property and facility managers would be based locally, according to Mr. Kamm.
BT's Terranomics Retail Services division, which it acquired in 1998, will remain part of the ChainLinks retail real estate network and won't rebrand. Terranomics has 32 agents and 10 staff members.
BT's head count, including Terranomics, is 350, with 240 licensed professionals in 15 greater Bay Area and Sacramento offices. That includes 25 agents and about a half-dozen staff in San Rafael, Santa Rosa and Napa.