Colliers International Continues Its Rapid Expansion

CHICAGO, April 19 /PRNewswire-FirstCall/ -- Marking another milestone in the continued expansion of its platform, Colliers International, a subsidiary of FirstService Corporation (Nasdaq: FSRV; TSX: FSV) has completed a major investment in Chicago's leading commercial real estate services firm, Colliers Bennett & Kahnweiler (Colliers B&K).

This latest investment will further strengthen Colliers International's U.S. business and enable it to more effectively serve its local, regional, national and global clients with their real estate needs in the Midwest. The firm will serve as the Midwestern regional hub of Colliers International and have the financial support of a global firm with a best-in-class operating platform and infrastructure.  Professionals in the Midwestern hub will have better access to information, knowledge and people across the entire Colliers International platform.

Earlier in the year, Colliers International announced it will combine operations and global real estate services platforms with FirstService Real Estate Advisors. The combined entity will assume an industry-unique operating and partnership model and operate under the Colliers International brand.  

Founded in Chicago in 1947, Colliers B&K has 50 million square feet of property under management in Chicago and more than 200 real estate brokerage and property management professionals.  There will be no leadership or personnel changes at the firm as a result of Colliers International's investment.  

"While the firm has been collaborating with Colliers International for over a decade, this integration will allow us to more seamlessly tie into the vast array of services which Colliers International provides on a global basis," commented David Kahnweiler, Chairman of the Chicago firm.  "Local, national and worldwide clients will continue to benefit from our local expertise and market knowledge as well as our global market coverage and relationships."

As an integral component of Colliers International, Colliers B&K becomes part of the third largest commercial real estate services firm in the world with 15,000 employees operating out of 480 offices in 61 countries and with revenues of nearly $2 billion. Colliers International and its affiliated entities manage more than 1.5 billion square feet of commercial and residential properties globally.  

"Colliers International is committed to being the market leader in the United States, especially in key markets like Chicago," said Dylan Taylor, Chief Executive Officer for Colliers International in the U.S. "Our significant investment in Chicago gives Colliers International a market-leading presence from company-owned offices in the majority of large markets in the U.S. including the top five. We intend to build on this strength by actively seeking out additional investment and recruitment opportunities while augmenting our service delivery across the country," added Taylor.

"Colliers International is focused on accelerating success -- for our company and, most importantly, for our clients," said Doug Frye, president and CEO of Colliers International. "Enabling our new Chicago hub to enhance client service in a highly collaborative organization is a critical component of our vision for the company.  We're thrilled to partner with such a high quality and market leading Chicago firm," added Frye.  "Bringing them fully on board under the Colliers International brand is the right move at the right time."

About Colliers International

Colliers International is a leading global real estate services company that provides a full range of services to real estate users, owners and investors worldwide. Services include brokerage sales and leasing, tenant representation, landlord representation, corporate solutions, property management, valuation and appraisal, project management and investment and asset management. Colliers International operates in 297 offices in 61 countries.  For more information, visit www.colliers.com.

About FirstService Corporation

FirstService Corporation (Nasdaq: FSRV; TSX: FSV) is a global diversified leader in the rapidly growing property services sector, providing services in the following three areas: commercial real estate, residential property management; and property services. The industry-leading service platform includes Colliers International, the third largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America's largest provider of property services through franchise and contractor networks.

FirstService generates more than US $1.8 billion in annualized revenues and has more than 18,000 employees worldwide. More information about FirstService is available at www.firstservice.com.

CONTACT: Parke Chapman or Russ Colchamiro, [email protected], +1-212-889-0808

SOURCE Colliers International