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Commercial real estate company Norris, Beggs & Simpson announced last week that it is selling its brokerage division and phasing out of property management. The brokerage division is being sold to Colliers International for an undisclosed price.

Jan Robertson, chief operating officer for NBS, said since property management as such cannot be sold, over the next six months owners will be given the option to also go with Colliers or select another company.

The decision to sell the brokerage division will not result in any layoffs, Robertson said, and 鈥�99 percent鈥� of NBS’ brokerage employees have opted to work for Colliers.

The move will give the brokers a better deal by giving them access to Colliers’ national platform, Robertson said.

鈥淣ational platforms are able to get more leverage with other cities,鈥� she said. 鈥淲e are looking for the best platform for our brokers and individually giving them something where their business can compete with other brokerage houses. We are so proud of giving them that opportunity and Colliers struck us as the best opportunity for them.鈥�

The company is now reorganized into two wholly-owned subsidiaries, Norris, Beggs & Simpson Financial Services, a third-party lender mortgage banker, and Morrison Street Capital, a private investment manager.

Looking to future growth of NBS and ensuring the company’s succession are two reasons for the change, Robertson said.