Two Area Brokers Merge With NRT Acquisition; Coldwell Banker Announces Major Expansion in D/FW Metroplex

May 04, 1999, 01:00 ET from Coldwell Banker Residential Brokerage

    DALLAS, May 4 /PRNewswire/ -- In what may be the most significant growth
 move in Texas real estate history, two of Dallas/Fort Worth's most prominent
 residential real estate brokerages were acquired last week to create Coldwell
 Banker Real Estate's biggest operation in the Southwest.
     With combined resources of more than 1,100 professionals and 33 offices,
 the new company -- Coldwell Banker Residential Brokerage -- was formed with
 the acquisition of Dallas-based Coldwell Banker Paula Stringer, Realtors, and
 Fort Worth-based Wm. Rigg, Realtors, by NRT Incorporated.  NRT, based in the
 Northeast, is the nation's leading residential real estate brokerage company.
 The two merged companies' combined sales in 1998 were $2.6 billion gross
 volume from sales of 18,041 units and 11,236 listings.
     Citing market strength, unlimited future growth and the broadest base of
 related services available anywhere in the nation as the initiative for the
 acquisition, principals from the two North Texas brokerages said the move
 signals the most important growth step in the real estate industry in the
 Southwest region of the United States.
     "Our company and professionals are now positioned to provide some of the
 most comprehensive and leading-edge residential real estate service available
 in the industry," says Susan Dunn Arnold, former president/CEO of Coldwell
 Banker Paula Stringer, who was named president of the Dallas area of the new
 company.  "We are extremely pleased to be a part of one of the most exciting
 growth explosions in the history of Texas real estate."
     Charles Rogers, former president/CEO of Wm. Rigg who now heads Fort Worth-
 area operations of Coldwell Banker Residential Brokerage, described the
 acquisition as a major step to provide critical global connections now and in
 the future.  He said, "Wm. Rigg has been a strong company with in-depth local
 traditions for many years, and this alliance takes us light years ahead."
     The addition of the strong, locally-oriented Fort Worth company is
 expected to provide unmatched depth to market penetration throughout a
 16-county area.  "Together we have more than a century of service history in
 the Metroplex," Ms. Arnold says.  "Now we can give our buyers and sellers not
 only the best local tradition of industry service but also state-of-the-art
 international networks and allied services."
     The two principals joined Ralph Burnet, NRT's Regional Senior Vice
 President for the Central United States, senior vice president, Midwest region
 of NRT, Inc., Monday (May 3) in Arlington to divulge news of the acquisition
 of their companies to the media, their joint corporate staffs, sales
 associates and other industry figures.
     The acquisition includes Coldwell Banker Paula Stringer's two wholly owned
 subsidiaries, Coldwell Banker Barbara Hensley and Coldwell Banker Whiteside
 Associates, both of which are major local brokerages dominating their market
 areas and acquired by CBPS in the last two years.
     Buyers and sellers may contact any Coldwell Banker Paula Stringer or Wm.
 Rigg office, all of which have been newly bannered with Coldwell Banker
 Residential Brokerage.

SOURCE Coldwell Banker Residential Brokerage