A US court action between the vendor and selling agent of a Baltimore office block acquired last year by the McCann's CMC Investments vehicle has been dismissed by a jury hearing the case.
Stone & Associates had sold the office block to CMC Investments for an estimated $10 million (€7 million).
Stone & Associates later accused the agent enlisted to sell the property on West Pratt Street in Baltimore, Colliers Pinkard, of failing to disclose that it was separately assisting CMC in sourcing suitable investment properties in the city.
It had alleged that Colliers Pinkard performed the "bare minimum" of work to find a buyer for the Pratt Street property.
Colliers Pinkard had previously filed a lawsuit against Stone & Associates seeking the payment of what it claimed were outstanding consulting and marketing fees totalling $226,000 in relation to the sale.
Earlier this week a jury in Baltimore flatly rejected Stone & Associates' claims, and ordered that the company pay all costs in relation to its case against Colliers Pinkard.
CMC Investments, which did not use the services of Colliers Pinkard in the West Pratt Street purchase, made its first acquisition in Maryland in 2004, buying a 300,000 sq ft office building for $41 million.
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