SALT LAKE CITY — One of Utah's top commercial real estate companies is under new management — sort of.
Vancouver-based Colliers International Group Inc. Tuesday announced the acquisition of Coldwell Banker Commercial Advisors of Salt Lake City — which will be rebranded as Colliers International Utah or Colliers Utah. Terms of the transaction were not disclosed.
With 2017 corporate revenues of $2.3 billion, Colliers is the fastest-growing publicly listed global real estate company operating in 69 countries with more than 12,000 employees. Established in 1998, the Utah-based CBC Advisors had provided commercial real estate services from four offices throughout the Intermountain West.
“Our new partnership in Utah provides Colliers with another market-leading platform, this time in the fast-growing Intermountain region,” said Marty Pupil, president of Colliers International — U.S. Brokerage. “Adding this outstanding business and highly successful group of real estate professionals will enable Colliers to better serve our clients regionally, nationally and internationally.”
Under the terms of the agreement, the Intermountain region office will be headed by Brandon Fugal, chairman and lead partner of Colliers Utah.
“Our core principles and values align perfectly with the entrepreneurial culture and focus on service excellence exemplified by Colliers’ spirit of enterprise,” he said. The new partnership is expected to put Utah in a position to become a significant player in the global marketplace of commercial real estate, he said.
"Being Colliers International (Utah) will give us added strength and access to markets and business leaders that will drive further (economic development) activity," he said. "The ability for us to help elevate the Silicon Slopes movement and drive more activity and focus to Utah (will) inevitably create jobs and services for our communities."
Fugal said that major development projects such as the proposed inland port in Salt Lake City's northwest quadrant are among the plans the company believes may change the commercial landscape of Utah in the years to come.
He also noted that having access to Colliers' vast global resources will elevate the quality of commercial business development throughout the region.
"This (deal) allows us to bring in an added level of depth and resources to the (current commercial landscape) and raise the bar that much more," he said. "Comment on this story
While the company has been a strong regional presence for years in the Intermountain West, this new agreement will expand the company's reach internationally and could potentially attract more foreign, direct investment, according to Lew Cramer, CEO of Colliers Utah.
"As both coasts become more and more crowded, this becomes a very attractive secondary market for institutional investors as well as local investors in the region," he said.
Correction: An earlier headline misspelled the name of Colliers International, identifying the company instead as Collier International.