Welsh Companies to Join Colliers International
Seattle-based Colliers International will reenter the Twin Cities market later this year under an agreement with Minnetonka-based Welsh Companies.
The two commercial real estate firms announced Thursday that Welsh Companies' brokerage and property management divisions will begin operating under the Colliers International organization starting August 1.
Financial terms of the agreement were not disclosed.
Under the partnership, Welsh Companies' 75 commercial real estate brokerage experts and 50 property management professionals will become part of Colliers' organization. Welsh Companies will remain privately owned and operated, and the two divisions will take on the Colliers name and be rebranded as “Colliers International.”
Welsh Companies' other divisions-Welsh Construction, Genesis Architecture, FaciliTech, WelshInvest, and Welsh Capital-will continue to operate as usual, the company said.
All leadership and staff within the two Welsh Companies divisions will remain intact under the partnership-which will provide the company with “opportunities for continued growth and international exposure for listings, with better results for our clients,” Bill Wardwell, executive vice president of Welsh Companies, said in a statement.
“Colliers International has created a unique operating model, combining the power and accountability of a global enterprise with local equity and flexibility,” Wardwell told Twin Cities Business.
The partnership with Welsh marks Colliers' reentrance into the Twin Cities-and Minnesota-markets. Colliers previously operated in Minnesota under its affiliate St. Louis-based Colliers Turley Martin Tucker, but that company split off from Colliers in January 2010 to join a newly formed real estate firm called Cassidy Turley.
Welsh Companies will be the only Colliers affiliate in Minnesota and western Wisconsin.
In addition to its headquarters office in Minnetonka, Welsh Companies also has offices in St. Paul, Chicago, St. Louis, Detroit, and Cincinnati. It is the state's second-largest commercial broker (based on its number of licensed brokers in Minnesota), and second-largest commercial property manager (based on the square feet of commercial space managed in Minnesota).
Colliers International claims to be the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. It is a subsidiary of Toronto-based FirstService Corporation.