Coldwell Banker Residential Brokerage, Northern California's Parent Company Acquires 100th Real Estate Brokerage Firm
Reaches Impressive Milestone in Less Than Two Years
SAN RAMON, Calif., Aug. 30 /PRNewswire/ -- NRT Incorporated, the parent company of Coldwell Banker Residential Brokerage, Northern California, has announced it's 100th acquisition. Six of those 100 companies were merged into Coldwell Banker Residential Brokerage, Northern California's local operations, including: San Francisco-based Cornish & Carey; Santa Rosa-based offices Polley, Polley & Madsen and CB Empire; Sacramento-based Coker, Ewing, Cook & Cook; El Dorado Hills-based CB Exceptional Properties; and Placerville-based CB Gerwer. The 100th company, Papagno Real Estate, has two offices and 35 sales associates in the Greater Boston area and posted 1998 Gross Commission Income (GCI) of over $3 million. The firm will be merged with NRT's Coldwell Banker Hunneman metro operating company, also of Boston. Incorporated in August of 1997, NRT opened with a core of 370 offices previously owned by the Coldwell Banker Corporation. One month later, NRT acquired its first regional brokerage operation, Cornish & Carey, an 18-office San Francisco-based company followed by The Jon Douglas Company with 18 offices in the Bay area. Over the past 23 months, it has continued to acquire companies at a pace of almost one a week with the firms purchased ranging in size from one office to 70 offices. Commenting on the passing of such a major milestone, NRT President and CEO Bob Becker said, "Large or small, every quality real estate firm that has joined our family has made a unique contribution to our evolving culture and our unwavering commitment to excellence. As our 100th company, Papagno stands as a shining symbol of the contributions that all of the companies before it have made to our continuing success." "NRT's recent acquisition of Papagno is a landmark for NRT and Coldwell Banker," added Avram Goldman, president and COO of Coldwell Banker Residential Brokerage, Northern California. "The acquisition of the most prestigious companies in the country, along with our outstanding existing sales force, shows our commitment to servicing our buyers and sellers with the best sales professionals the industry has to offer. We have the synergies to provide more value-added services and products for buyers and sellers than any of our competitors." Collectively, the 100 acquired firms have added over 340 offices, 8,300 sales associates and $1.3 billion in GCI to NRT. The five Northern California acquisitions total 31 offices and over 1,300 sales associates. Coldwell Banker Residential Brokerage, Northern California is the #1 residential real estate firm in Northern California. The corporation owns and operates 81 offices with a combined total of nearly 3,500 sales associates in Alameda, Contra Costa, Marin, Monterey, Placer, Sacramento, San Francisco, Santa Clara, San Mateo and Sonoma Counties. NRT Incorporated, the nation's leading residential real estate brokerage company, has over 700 offices and 32,000 sales associates in 21 metropolitan markets nationwide and posted pro forma 1998 sales volume in excess of $84 billion. NRT is a joint venture between Cendant Corporation (NYSE: CD) and Apollo Management L.P. NRT companies do business under the ERA(R), COLDWELL BANKER(R) and CENTURY 21(R) brand names.
SOURCE Coldwell Banker Residential Brokerage
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