Key Takeaways
- • Colliers rebrands its investment management division as Harrison Street Asset Management, consolidating Basalt Infrastructure Partners, Versus Capital, Rockwood Capital, and Colliers Global Investors under a single banner with $100+ billion in assets under management.
- • Harrison Street co-founder and CEO Christopher Merrill assumes global CEO title and becomes the largest shareholder in the restructured entity, elevating the Chicago-based firm's profile within Colliers' alternative investment strategy.
- • Combined AUM nearly doubles from Harrison Street's standalone ~$55 billion (Q1 2025) to over $100 billion post-consolidation, positioning the firm as a material revenue diversification engine for Toronto-based Colliers, the world's fourth-largest CRE services company by revenue.
- • Colliers maintains majority control through its existing 75% equity stake acquired in July 2018 for $450 million, with Merrill retaining his shareholder position and key executives from acquired entities remaining operational.
- • Zachary Michaud (Colliers co-Chief Investment Officer) and Stephen Gordon (former Harrison Street CFO) assume managing partner roles as global CFO and COO respectively, signaling organizational continuity and integrated leadership structure.
Summary
Colliers International announced Wednesday a strategic reorganization of its investment management division, rebranding the entire alternative asset business under Harrison Street Asset Management. The consolidation brings together four Colliers-controlled entities—Basalt Infrastructure Partners, Versus Capital, Rockwood Capital, and Colliers Global Investors—under Harrison Street's governance, creating a globally unified platform with more than $100 billion in assets under management.
The move represents a significant acceleration of Colliers' strategy to diversify revenue beyond traditional core brokerage functions. Toronto-based Colliers, ranked fourth globally in commercial real estate services revenue behind CBRE, JLL, and Cushman & Wakefield, has systematically built recurring revenue streams from advisory, asset management, and investment services. Harrison Street's rebranding as the unified investment management banner crystallizes this institutional positioning.
Christopher Merrill, Harrison Street's co-founder and CEO, expands his authority to global CEO of the restructured entity and becomes the largest shareholder in Harrison Street Asset Management. This elevation underscores Colliers' confidence in Merrill's leadership and the firm's long-standing relationship; Colliers acquired a 75% equity stake in Harrison Street for $450 million in July 2018, with Merrill maintaining his ownership position through that transaction. The standalone Harrison Street had approximately $55 billion in AUM as of Q1 2025, meaning the consolidation nearly doubles the combined platform's asset base.
Organizational continuity is reinforced through leadership appointments: Zachary Michaud, Colliers' co-Chief Investment Officer, becomes managing partner and global CFO, while Stephen Gordon, Harrison Street's outgoing CFO, transitions to managing partner and chief operating officer. Executives from the four acquired Colliers entities remain in place, suggesting an integration rather than a wholesale restructuring. Merrill's public statement—"We are excited to enter the next phase of growth"—signals momentum and confidence in the consolidated platform's market positioning and competitive advantage in the institutional alternative investment space.
The move represents a significant acceleration of Colliers' strategy to diversify revenue beyond traditional core brokerage functions. Toronto-based Colliers, ranked fourth globally in commercial real estate services revenue behind CBRE, JLL, and Cushman & Wakefield, has systematically built recurring revenue streams from advisory, asset management, and investment services. Harrison Street's rebranding as the unified investment management banner crystallizes this institutional positioning.
Christopher Merrill, Harrison Street's co-founder and CEO, expands his authority to global CEO of the restructured entity and becomes the largest shareholder in Harrison Street Asset Management. This elevation underscores Colliers' confidence in Merrill's leadership and the firm's long-standing relationship; Colliers acquired a 75% equity stake in Harrison Street for $450 million in July 2018, with Merrill maintaining his ownership position through that transaction. The standalone Harrison Street had approximately $55 billion in AUM as of Q1 2025, meaning the consolidation nearly doubles the combined platform's asset base.
Organizational continuity is reinforced through leadership appointments: Zachary Michaud, Colliers' co-Chief Investment Officer, becomes managing partner and global CFO, while Stephen Gordon, Harrison Street's outgoing CFO, transitions to managing partner and chief operating officer. Executives from the four acquired Colliers entities remain in place, suggesting an integration rather than a wholesale restructuring. Merrill's public statement—"We are excited to enter the next phase of growth"—signals momentum and confidence in the consolidated platform's market positioning and competitive advantage in the institutional alternative investment space.
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