Colliers International has announced that it is absorbing Manekin LLC’s property management and brokerage group. After the move is complete, Collier’s will be the largest manager of commercial real estate in the Baltimore area.
The merger was a stock transaction only. No cash changed hands between the two companies.
The 40 Manekin employees, including six brokers, will join Colliers as part of the merger agreement, bringing the total number of Colliers employees to 120. Colliers manages a total of seven million sq ft of real estate, and Manekin, which is based in Columbia, manages 10 million sq ft.
The 17 million sq ft total makes the newly-merged company the largest property management company in the region. The second-largest company in the area is Merritt Properties LLC, which has 14.4 million square feet under its management, according to Business Journal.
Manekin will operate its construction and development divisions separately from the property management and brokerage.
Timothy R. Hearn, the CEO of Colliers’ Baltimore office, was asked whether layoffs would occur as a result of the merger with Manekin. He referred the question to Manekin company officials. The latter company’s CEO, Richard Alter, was not available to answer reporters’ questions late Wednesday, April 3.
Alter and Manekin Principal Cole Schnorf will continue to be shareholders in the company, but will not be involved in its day-to-day operations. Their continuing role at Manekin will involve leading the company’s development and construction efforts.
Hearn stated, “From our standpoint, there’s probably no greater real estate company that we respect more than the Manekin brand and organization. Manekin is one of the storied names in Baltimore real estate, founded by the Manekin brothers in 1946 and it has a lot of long-term employees, so this is very exciting for us. We felt very fortunate.”
Colliers will be expanding their offices, located at 100 N. Charles Street, from 6,000 sq ft to 10,000 sq ft. The company’s office in Howard County will also move from its current 10,000 sq ft space at Columbia Gateway to new digs at 8061 Robert Fulton Drive in Columba.
The two companies will be known under a new brand called Colliers International Baltimore. Colliers operates offices in 62 countries. Over 100 offices are located in the United States.
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