Colliers Pinkard has added six partners to the commercial real estate brokerage and services firm in an effort to add capital and prepare for its future ownership.
The addition of six principals -- Philip C. Iglehart, L. Jamie Smith, Michael A. Elardo, L. Bruce Matthai, Gregory C. Pinkard and Stuart S. Rienhoff -- marks the first time in 12 years Pinkard has added to its partnership.
Previously, the firm had four principals: Walter D. Pinkard Jr., its president and chief executive, and David Frederick, William Conkling and Dennis P. Malone.
By naming the six vice presidents as principals, Pinkard raised in excess of $250,000 through the sale of stock in the privately held company to fund future expansion and provide new services.
But it also took a step toward spelling out its future ownership makeup. Five of the six new principals, all of whom have more than a decade of experience with Pinkard, are in their mid-30s, while the four previous principals are now in their late 40s.
"These guys are part of the reason we're so successful, and we wanted to make sure they stay with us," said Mr. Frederick, the firm's chief operating officer. "This way, we have an additional commitment from them, and we also feel that that's the only smart way to continue growing the firm."
Daily management of the firm isn't expected to change because of the additional principals, since only Mr. Iglehart -- the firm's president for nearly 20 years who rejoined Pinkard in mid-1993 to direct its investment sales division -- will join the firm's board, which consists of the four existing principals.
Mr. Smith manages the firm's Baltimore-Washington corridor office; Mr. Elardo is a senior member of Pinkard's industrial services group; Mr. Matthai directs the company's downtown leasing efforts; Mr. Pinkard oversees the firm's management of 9 million square feet of space; and Mr. Rienhoff manages Pinkard's suburban north office, in Towson.
"Eventually we see this group, along with what we expect to be others, moving into a succession position," Mr. Frederick said.
Founded in 1922, Colliers Pinkard is one of the area's largest commercial real estate services firms. In 1993, the firm generated transactional volume of $335 million, which the 10 partners will divide based on their stock ownership.
Mr. Frederick declined to disclose how many shares were sold or how they were divided among the six new principals.