Consolidation Reshaping Commercial Real Estate
The commercial real estate services picture in Indianapolis is changing again. Canada-based Colliers International Group Inc. (Nasdaq: CIGI) has acquired Summit Realty Group. Colliers says Summit will be the sole Colliers operation in Indianapolis. The deal follows DTZ's $2 billion acquisition of Cushman & Wakefield.
The company, which has a significant footprint throughout the state, is using the Cushman & Wakefield name.
Summit Realty has 70 employees in Indianapolis and offers services including tenant representation, corporate solutions, capital markets and investment sales, property management and project management. For the last two years, Summit Realty was named a "Best Places to Work" in Indiana through the Indiana Chamber program.
Colliers International Western Region President Martin Pupil says "the new Colliers International in Indianapolis has an enviable track record in the Midwest but also in many of the world's major markets. Their unique expertise combined with their collaborative culture and passionate desire to serve clients makes them a perfect fit for Colliers and further strengthens our platform market leadership in the Midwest, an important and growing region."
Co-Market Leader Brian Zurawski says consolidation continues to affect the industry. "Our organization was focused on aligning with a platform that would truly enhance our ability to service our extensive multi-market client base nationally and globally. Without question, the culture of Colliers International aligns with our own, encouraging our people to think differently, share great ideas and to create effective solutions that accelerate our clients' success."
Collier International is continuing to expand in the Midwest, recently growing the St. Louis market, which adds to operations in Chicago and Kansas City.