CLEVELAND -- Howard Hanna Real Estate Services has bought Cleveland-based Ostendorf-Morris, a 75-year-old company, and that is expected to help the combined firm become the largest commercial real estate firm in northeastern Ohio.
The acquisition will bring more than 40 agents, brokers and other employees into the new office that Howard Hanna chairman and CEO Howard 'Hoddy' Hanna said represented a combined office of 700 closed transactions and $300 million in sales volume.
The Osterdorf-Morris buy will be combined with Howard Hanna's 2013 merger with Cleveland-based Chartwell Group, now Hanna Chartwell, in scaling up the company's presence in the Cleveland area.
As a CoStar Power Broker for 2013 in "Top Leasing Firms" and "Top Sales Firms," Ostendorf-Morris values its 75-year reputation as commercial real estate experts.
Much like Howard Hanna, Ostendorf-Morris has a set of core values which drive its business. These guiding principles are contribution, cooperation and coordination. These standards direct the organization in its business and in meeting the needs of each individual client with an unparalleled level of customer service.
"I've had the opportunity to develop a relationship with the Hanna family both on a professional and personal level," said West. "I couldn't be more excited about the synergy that exists between our two firms and the enhanced opportunities that we can now provide to our clients. I believe we are putting the tradition and history of Ostendorf-Morris into great hands."
Howard W. "Hoddy" Hanna, III has been familiar with the Ostendorf-Morris reputation for many years.
"The organization is a legendary commercial brokerage firm known nationally. I am honored that Bill and his partners have trust that the Howard Hanna family will continue the tradition they've built upon," Hanna said.
"Our combined commercial entity last year would have done over 700 closed transactions for more than $300 million in volume and I believe we can grow our total commercial brokerage business, especially with a renewed focus on property management and corporate services."
David O'Neill, Executive Managing Director and Partner, looks most forward to leveraging the services that Howard Hanna provides.
"There will be no change on the client side," he said. "What will continue is our level of service as a family-owned and operated business. Now, we will also have the power of Howard Hanna's marketing, technology as well as cross-selling opportunities. The size, scale and scope of what we can offer gives us the ability to work not only in Northeast Ohio, but also internationally, while still maintaining and enhancing what we already offer."
The tremendous work done by Ostendorf-Morris with corporate services, appraisal, development, consulting, investments and research will continue. Day-to-day operations will be led by Geoff Coyle, managing partner of Ostendorf-Morris, with Mac Biggar, President of Hanna Chartwell, working with Coyle on the eventual integration of the two organizations.
Howard W. "Hoby" Hanna IV believes that combining the two corporate cultures spells success and growth down the road for the commercial landscape in Ohio.
"Six months ago we made a commitment to the Northeast Ohio marketplace to expand and focus our commercial service operation," said Hanna. "We've been enthused with the growth created by the Hanna Chartwell Group and believe that the culture of excellence which has been delivered at Ostendorf-Morris for 75 years will not only fit well with our existing culture, but will be the catalyst to offer the best commercial real estate brokerage services in the state and beyond."
Howard Hanna is the 4th largest real estate company in the nation, with a closed sales volume of almost $10 billion in 2013 accounting for an increase of 37 percent over the previous year.
Ostendorf-Morris clients and personnel can look forward to the benefits of access to the wide array of Hanna programs and tools available to sales associates as well as buyers and sellers.