Two Chicago real estate brokerages that closed a combined $2 billion in sales in 2008 are merging to become Prudential Rubloff Properties, the companies said today.
The merger of Prudential Preferred Properties and Rubloff Residential Properties creates a firm with 17 offices and about 900 sales professionals and staff, the companies said.
Principals Chris Eigel and Michael Pierson will lead the new company, with Eigel serving as chief executive officer and Pierson as president and chairman.
Rubloff principals Howard Weinstein and Tom Horwich will continue with the firm, focusing on future growth in the metropolitan market, the companies said in a press release. Weinstein and Horwich acquired Chicago-based Rubloff Residential Properties in 1996 and opened a new office in Evanston in the fall of 2006.
The merger creates a company with a "formidable presence" in Chicago’s high-end markets of Cook and Lake counties and "Harbor Country" towns in Southwest Michigan, the companies said.
Prudential Rubloff will use the Rubloff.com Web site, integrating technology and online tools from both organizations, the companies said.
In another deal this month, Brookfield Residential Property Services announced the sale of Chicago-based luxury broker Koenig & Strey GMAC Real Estate to HomeServices of America Inc.
Koenig & Strey, which handled $2.6 billion in home sales in 2008, recently completed a restructuring that left the company with 900 agents and 90 support staff in 21 offices (see story).
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