{"id":1004393036,"date":"2020-02-19T13:30:53","date_gmt":"2020-02-19T21:30:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004393036"},"modified":"2020-02-19T13:30:53","modified_gmt":"2020-02-19T21:30:53","slug":"cushman-wakefield-acquires-houston-cre-firm","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-acquires-houston-cre-firm\/","title":{"rendered":"Cushman & Wakefield Acquires Houston CRE Firm"},"content":{"rendered":"
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Image via Pixabay<\/em><\/p><\/div>\n

In its latest corporate acquisition, Cushman & Wakefield announced it has purchased Colvill Office Properties, a commercial real estate firm in Houston, Texas, that provides office agency leasing services. Representatives from both firms did not disclose financial terms of the deal.<\/p>\n

The news comes two weeks after Cushman & Wakefield entered into an agreement to purchase Pinnacle Property Management Services, a Dallas-based multifamily property management firm that is the third-largest in the country, according to recent data from the National Multifamily Housing Council.<\/p>\n

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READ ALSO: <\/strong>JV Breaks Ground on Hewlett Packard\u2019s Houston Campus<\/a><\/p>\n

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Chip Colvill, founder and former president & CEO of Colvill, will join Cushman & Wakefield as executive vice chairman. Colvill said in prepared remarks that the company was \u201cthrilled\u201d to join Cushman & Wakefield and that by joining the global firm, would be able to take its platform to \u201cthe next level.\u201d<\/p>\n

Colvill, which specializes in landlord representation, has been overseeing leasing and marketing for 17 million square feet of Class A office space in the Houston area over the last two decades. The firm\u2019s portfolio includes properties in several major office submarkets, including Houston\u2019s central business district, the Galleria area, Westchase, Energy Corridor, Upper Kirby\/Greenway and the North Loop\/North Belt.<\/p>\n

Andrew McDonald, president of Cushman & Wakefield\u2019s West Region, said in prepared remarks that Houston, among the top five largest metros in the country, is a \u201ccritically important market\u201d for the firm, and the acquisition of Colvill will expand its investor services platform significantly in Texas.<\/p>\n

Market dynamics<\/h2>\n

Houston\u2019s office market, which encompasses a total of 230.7 million square feet, has about 3 million square feet of office space under construction, according to a Q4 report from Avison Young. The city also has a burgeoning co-working sector, according to a recent report from Colliers International. At the moment, co-working makes up just 1.3 million square feet in the market, but Colliers believes there is a place for co-working in the biggest city in Texas.<\/p>\n

\u201cWhen discussing flex space operators with landlords, we hear that they serve as a valuable building amenity,\u201d<\/em> wrote Taylor Wright, vice president at Colliers International Houston, in the report.<\/p>\n","protected":false},"excerpt":{"rendered":"

The announcement comes on the heels of the brokerage giant\u2019s purchase of one of the largest multifamily managers in the country.<\/p>\n","protected":false},"author":745,"featured_media":1004389538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1589,21742,21747],"tags":[34112,32799],"class_list":["post-1004393036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-houston","category-latest","category-office","tag-colvill-office-properties","tag-cushman-wakefield"],"acf":[],"yoast_head":"\nCushman & Wakefield Acquires Houston CRE Firm - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-acquires-houston-cre-firm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cushman & Wakefield Acquires Houston CRE Firm\" \/>\n<meta property=\"og:description\" content=\"The announcement comes on the heels of the brokerage giant\u2019s purchase of one of the largest multifamily managers in the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-acquires-houston-cre-firm\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-19T21:30:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/houston-1631453_1920-e1581344291255.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-acquires-houston-cre-firm\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-acquires-houston-cre-firm\/\",\"name\":\"Cushman & Wakefield Acquires Houston CRE Firm - 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