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
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
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