Monday, Aug 29, 2016
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Real-estate firms merge, plan move to One SeaGate

Two Toledo-area commercial real estate firms have completed a planned merger and will be moving the headquarters this year into the One SeaGate office tower downtown.

The new firm will be known as CB Richard Ellis/Reichle Klein, said Reichle Klein co-owner Harlan Reichle. The name of the acquired firm, Michael Realty Co., a longtime Toledo commercial real estate firm, will cease to exist.

Both Reichle Klein, with its office in Maumee, and Michael Realty, based in the Toledo Edison Plaza, will move to 15,000 square feet in One SeaGate, probably before Jan. 1.

Six of Michael Realty's seven partners will stay on. One is retiring.

Mr. Reichle said orchestrating the merger was long and difficult but will result in a much stronger company of about 40.

Dan Klein, his firm's other founder, said that Michael Realty's "talent and ability is a big part of why this merger makes sense."

Mr. Reichle said the firm is going to One SeaGate because Reichle Klein is the leasing agent for the building and because the building owner, Amtrust Realty, of New York, plans to renovate it.

"We really think it's going to be the place to be downtown," Mr. Reichle said.

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