Manekin LLC's property management and brokerage groups will merge with Colliers International Baltimore, the commercial real estate firms announced Wednesday.
The deal will make Colliers the largest property management firm in the region, combining Manekin's 10 million square feet of managed property with Colliers' 7 million, the firms said. Terms of the transaction were not disclosed.
Manekin principals Richard Alter and Cole Schnorf will become partners in the Colliers International Baltimore company. Manekin's development and construction groups are not part of the merger.
More than 40 Manekin employees, including six brokers, will join Colliers, which has more than 80 employees. Adam Nachlas, Manekin's senior vice president and director of brokerage, and George Santos, a senior vice president with the firm, will become principals within the Colliers group.
Alter and Schnorf will remain executives at Manekin. The company was founded in 1946 and is now headquartered in Columbia.
Colliers International is the world's third-largest commercial real estate company. Colliers International Baltimore CEO Timothy R. Hearn said that while the company is one of the largest brands globally, "Manekin's the more important part of this."
"In Baltimore, the Manekin brand and the Manekin name is very special," he said.
Manekin officials don't yet know how many positions could be eliminated in the property management and brokerage divisions, spokeswoman Melanie Carrera said.
"Their goal is to have as few people as possible be let go," Carrera said.