Colliers Sank Property Value By $1.75M, Owner Claims

Law360, New York (October 22, 2012, 5:38 PM EDT) -- A Pennsylvania real estate partnership sued real estate broker Colliers International in state court Monday, contending that the broker’s breach of contract caused a property it was trying to sell to lose $1.75 million in value.

Lithographers Real Estate LP, owner of a Southwest Philadelphia industrial building, contends that while it entrusted Colliers to sell the building at a minimum price of $5.25 million, after it terminated the broker, it continued to list the building at a below-market rate price of $3.5 million.

“Defendants’ conduct in...
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