MADISON, N.J., October 29, 2013 – NRT LLC, the nation's largest residential real estate brokerage company, today announced the acquisition of Frank Howard Allen Realtors company-owned operations in Northern California. Frank Howard Allen Realtors, which was ranked by REAL Trends among the top 60 real estate brokerages in the United States, had approximately $1.85 billion in closed sales volume in 2012. Financial terms of the transaction were not disclosed.
With this announcement, NRT acquired Frank Howard Allen Realtors' 17 company-owned offices throughout Marin, Napa and Sonoma Counties. Thirteen of the newly acquired offices will now do business as Coldwell Banker Residential Brokerage. The other four office operations, two of which are located in Sonoma, will now operate as Sotheby's International Realty. This is NRT's third strategic acquisition in the past two weeks, following the additions of Greenwich Fine Properties LLC, in Greenwich, Conn., and Coldwell Banker Cocoa Beach Realty's offices in Cocoa Beach, Fla.
"We are proud to welcome Frank Howard Allen Realtors to our family of companies," said Bruce Zipf, president and chief executive officer, NRT LLC. "While NRT is constantly evaluating opportunities for growth in new and existing markets, we have remained disciplined in our approach to focusing on firms that have a compatible company culture and highly talented local leadership - and Frank Howard Allen Realtors is an excellent example."
Frank Howard Allen Realtors has 300 sales associates and is one of the North Bay's largest residential real estate brokerage companies. The company was founded in 1910, and has since established a strong history and roots in the communities in which it operates.
Larry Brackett, chairman and chief executive officer of Frank Howard Allen, said his firm had many suitors over the years, but decided that NRT was the right choice for a variety of reasons.
"If ever two brokerages were a perfect fit, it's Frank Howard Allen and NRT," said Brackett. "NRT was able to offer our company proprietary marketing platforms, referral opportunities and technological capabilities to help our sales associates succeed. Their sales teams, like ours, are extremely professional and experienced, especially in the luxury market."
About NRT LLC
NRT LLC owns and operates approximately 710 offices across the United States and has 41,200 sales associates in 35 major metropolitan areas. NRT, its affiliated companies, marketing partners or joint ventures also provide mortgage, title, insurance, escrow, warranty, relocation and concierge services to customers and clients of NRT's family of companies.
A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy's company-owned real estate brokerage offices under the world-renowned brand names of Coldwell Banker®, Coldwell Banker Commercial®, ERA®, Sotheby's International Realty® and The Corcoran Group®. Realogy is a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.