Some of the first-string players in Baltimore’s commercial real estate market have left their established firms, and are now playing for different corporate teams.

James P. Lighthizer and Douglas Schmidt have left their long-time jobs at CB Richard Ellis Inc. in Baltimore and have quietly launched a new firm called Chesapeake Real Estate Group LLC.

And at the same time, William McCullough, another well-known commercial real estate broker, has broken ties with Colliers Pinkard and has linked up with Lighthizer and Schmidt.

The recent movement highlights the changing nature of the commercial real estate industry. Technological advances, different and often more demanding client needs as well as an influx of capital into the market are requiring commercial real estate companies to re-evaluate their business models and structures.

As a result, some companies are tweaking the way they do business and hiring staff. And others are breaking with traditional firms and branching out on their own to harness what they see are positive changes in the industry.

“The capital in the market is so aggressive,” Lighthizer said. “They’re looking for different models – joint ventures and partnerships.”

Chesapeake Real Estate Group is a commercial real estate firm that will allow the principals to get involved with ownership, Lighthizer said.

At CB Richard Ellis, Lighthizer handled industrial brokerage work, while Schmidt handled office brokerage. Both were successful at C Richard Ellis, although not involved in ownership, and remain highly regarded in the community.

Lighthizer was recently named the industrial broker on one of the largest development projects in Baltimore County, Crossroads @ 95. And, he brokered the sale of the building best known as the Coca-Cola warehouse in Anne Arundel County last year – a deal that fetched a record price at close to $84 a square foot.

Schmidt has focused on the office market, doing both tenant and landlord work. He and CB colleague Gail Chrzan were the listing agents on Brewers Hill, a Struever Bros. project that nabbed Elder Health Inc. and MetLife Inc.

Lighthizer and Schmidt are looking for office space in the Baltimore-Washington International submarket, and have already hired three additional people, including a chief financial officer.