Cassidy & Pinkard Colliers is breaking off from its affiliation with Colliers International and starting a new firm with several other real estate companies across the U.S., according to sources familiar with the deal.

The new firm will be called Cassidy Turley. A virtual office will be set up in St. Louis that will act as the headquarters of the new entity.

Cassidy & Pinkard Colliers, a D.C.-area real estate services firm, is joining Colliers ABR, Colliers Turley Martin Tucker, Baltimore’s Colliers Pinkard, BT Commercial in Northern California, BRE Commercial in Southern California, BRE Commercial in Arizona and Colliers Houston & Co. in New Jersey.

 The firms are expected to announce the new entity later this week. Bob Pinkard, chairman and co-founder of Cassidy & Pinkard Colliers, announced last year that he will step down after nearly three decades. Before his chairman post started in January 2008, Pinkard had been the CEO since 1984, during which time the company transformed from a transaction-based company to a full-service organization.

 With the new venture, BT Commercial in Northern California will break off from its affiliation with NAI and the BRE entities in Southern California and Arizona are separating from Grubb & Ellis. Colliers companies joining the new entity are also splitting from Colliers International.

 In 2006, Cassidy & Pinkard Colliers joined the Colliers International affiliation. In August 2008, Cassidy & Pinkard Colliers consolidated its ownership structure with Colliers Turley Martin Tucker, Colliers Pinkard, and Colliers ABR, forming a holding company that is one of the nation’s largest commercial real estate service firms. The consolidated entity completed more than $9.2 billion in worldwide transactions that year.

 The Colliers companies joining the new Cassidy Turley organization opted to keep out of another venture announced this week, in which Colliers International will unite its operations and global real estate services platforms with FirstService Real Estate Advisors. The combined company will operate as Colliers International in 61 countries worldwide, relying on FirstService REA’s operating and partnership model.

tplumb@bizjournals.com

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Real Invest 2.0

 

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