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October 24, 2008

Super Colliers


Leasing has not slowed for Colliers ABR—count 527 Madison and 360 Lexington as recent assignments—just 45 days into its merger with Cassidy & Pinkard Colliers, Colliers Pinkard and Colliers Turley Martin Tucker. We journeyed to 52nd Street to speak with Chairman Mark Boisi, who tells us the new entity’s plan to supercharge its platform involves playing on each firm’s strengths and cross-fertilizing (not as dirty as it sounds) them among the markets, which is especially critical given the importance of the New York marketplace.


DC’s Cassidy & Pinkard, for instance, is strong on the cap markets side, while Midwest's Turley Martin Tucker is a leader in property management and corporate real estate solutions. Together, the four firms manage over 300M SF and 210M SF in leasing, and have a combined total of $5B in cap markets transactions. Mark didn’t rule out additional Colliers firm acquisitions but was mum on any details, a man of integrity amidst our un-journalistic coaxing. In addition to recruiting in this opportunistic hiring market, you can find him perfecting his golf game at the Creek Club and Friar’s Head on Long Island. (Both are apparently the perfect place to hit your golf balls into the Sound. Didn’t we see a Seinfeld episode like that?)


Part of the merger includes strengthening ABR’s tenant rep, but landlord rep is already full throttle, recently winning two major leasing and management assignments. Executive managing director David Hoffman and managing director Wendy Miller (pictured), along with vice chair Robert Billingsley, are exclusively handling AEW Capital Management’s 250k SF 360 Lexington. The owner bought for the long-term with plans to reposition the building into the “best performing” Class B asset in the Grand Central submarket. Step 1: demolishing and spec pre-building the 23rd floor into a more functional layout with brand new finishes (bonus feature: spectacular skyline views) and installing a green roof. Even in the slow leasing market, they expect interest because the submarket’s varied tenant base continues to need office space close to Grand Central.


Notice executive managing director Jim Frederick working both the Blackberry and the landline. We suspect his multitasking ability will help when handling leasing and management for 527 Madison, a Class A building acquired last month by Mitsui Fudosan for a reported $225M. In the meantime, he tells us keep your eyes peeled for potentially the largest lease of the quarter. Again, Mark remained tight-lipped. We’ll get things out of him one day.

Arent Fox
Leo A Daly
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