The largest commercial real estate brokerage in Indianapolis is rebranding itself and dropping Tucker from its moniker for the first time in more than 90 years.
Colliers Turley Martin Tucker is breaking from the Colliers International network and will become Cassidy Turley on March 1. The move combines and rebrands CTMT and three companies it merged with in 2008: Cassidy & Pinkard Colliers of Washington, D.C.; Colliers ABR of New York City; and Colliers Pinkard of Baltimore and Charlotte, N.C.
Cassidy Turley, which plans to build its own platform to replace Colliers, also is adding Colliers Houston & Co. of New Jersey; Northern California's BT Commercial, a former NAI affiliate; and BRE Commercial of Arizona and Southern California, a former Grubb & Ellis affiliate.
The company, which will remain headquartered in St. Louis, will be one of the largest real estate firms in the country, operating out of 57 locations and managing 420 million square feet. Its 2008 deals totaled $15 billion.
A committee representing the combined company's 360 shareholders settled on Cassidy Turley, which combines two "legacy" names to capitalize on brand equity, said Mark Burkhart, who will lead the new company. He said the change gives Cassidy Turley and its partners complete control of the brand.
"We already have a national platform," Burkhart said in an interview. "We've simply outgrown the national platform."
Jeff Henry, managing director in the firm's local office, said the Tucker name has served the company well since 1918.
"We hate to give up the name because it has great meaning in the community," Henry said. "However, when we look at it long-term, we felt it was in everyone's best interest."
F.C. Tucker Co. was the state's largest commercial real estate brokerage and residential real estate firm when it merged its commercial division in 1998 with Turley Martin of St. Louis to create Turley Martin Tucker. The new firm added the Colliers name later that year. Indianapolis-based F.C. Tucker Co. is still the state's largest independent residential real estate firm.
Colliers International is making its own moves; the company said on Jan. 4 it is merging with FirstService Real Estate Advisers to form a behemoth with 480 offices in 61 countries.
Colliers likely will seek a new affiliate partner in Indianapolis.