NEW YORK, Sept. 28, 2017 /PRNewswire/ -- Douglas Elliman, the fourth-largest residential real estate brokerage company in the United States, announced today that it has entered into a letter of intent to acquire Boston-based Otis & Ahearn. Completion of the transaction, which is subject to customary closing conditions, is expected to occur during the last week of October 2017. Once closed, Douglas Elliman will span three offices with 30 sales associates in Boston, from the Back Bay to the Boston Gold Coast. Across the United States, Douglas Elliman will boast 113 offices and more than 7,000 agents.
"A truly global city ripe with opportunity because of its tremendous appeal to international buyers, tech entrepreneurs and financial professionals, I am extremely pleased to bring our highly acclaimed and proven brand of real estate to Boston," said Howard M. Lorber, chairman of Douglas Elliman Realty, LLC. "I was particularly impressed by the team at Otis & Ahearn, not only for their astute capabilities in the resale market, but also for the very sophisticated new development division they have built over the last 30 years."
Founded in 1978 by sole principal, Kevin J. Ahearn, Otis & Ahearn has been a prominent force in serving sellers and buyers of Boston, one of the oldest cities in the United States, ranging from the iconic row houses of Beacon Hill to architecturally significant new condominiums along the downtown waterfront. It has also represented a very robust portfolio of ground-up and conversion new developments including W Boston Residences, the Residences at the Intercontinental and Trinity Place.
"There is no other company that could match the national and international reach that our agents and clients will gain from this union," said Kevin J. Ahearn, who will be named CEO of Douglas Elliman's Boston division. "From its global alliance with Knight Frank Residential to its new television, print and digital brand campaign, "It's Time for Elliman," to the beautiful quarterly magazine, Elliman, the Douglas Elliman umbrella will help propel our agents to new, untold levels of success."
"We are joining forces to bring the strongest global real estate experience together under one organization," said Scott Durkin, COO of Douglas Elliman. "This is an excellent acquisition for all, because, as part of Douglas Elliman, Otis & Ahearn agents will have more opportunities for exposure while expanding service areas and professional expertise for home buyers and sellers throughout the greater Boston area, across the United States and around the world. In addition, we are thrilled to expand referral opportunities for our agents as we move into this exciting new market."
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 7,000 agents, the company operates approximately 110 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and California. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattan's largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.
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SOURCE Douglas Elliman