Colliers Chicago will fold Podolsky Circle into its CRE business
The five-decade-old Podolsky focuses on industrial and office markets
Colliers International’s Chicago office is getting in on the brokerage consolidation wave.
The commercial real estate firm will merge with 48-year-old Des Plaines-based Podolsky Circle, the two companies announced.
The deal will take effect next month, with Colliers absorbing Podolsky’s nine agents and seven independent contractors, who will operate under the Colliers brand on the industrial and office markets in the Midwest.
Colliers will also fold Podolsky’s 32-building, 2.1-million-square-foot property management portfolio into its existing industrial and office roster.
It’s the latest example of industry giants absorbing smaller brokerages to expand.
“As the commercial real estate industry continues to shift from a local or regional business focus to a more global focus, it became clear that we needed a partner with a successful, unified platform,” Alissa Adler, Podolsky’s managing principal and managing broker, said in a statement.
Its core business includes brokerage, property management and investment advising.
Colliers Chicago has more than 300 real estate agents and property management staff. Earlier this year, the firm added Chris Irwin to lead retail sales and leasing in a newly-created position. He had been with Jameson Commercial Real Estate for nearly 10 years.
Consolidation has taken over the industry, as brokerages have combined offices, including big-name firms on the East Coast and West Coast.