Realogy Corp. subsidiary NRT LLC has taken over one of its formerly independently owned real estate brokerage affiliates, the company announced Tuesday.
NRT operates Realogy’s company-owned brokerage offices. It has acquired Coldwell Banker Preferred in Philadelphia, which has eight offices and 500 sales associates. The brokerage’s name will remain Coldwell Banker Preferred and its executive team, including its president, will stay in their current positions.
"In addition to maintaining our affiliation with the Coldwell Banker brand, we will now be able to provide our clients" with NRT’s "tools, technology and training as well as expanded marketing exposure throughout the NRT family of companies," said Regina Coia, president of Coldwell Banker Preferred, in a statement.
This year, Coldwell Banker Preferred was ranked the 131st largest in the country by closed transaction sides completed in 2009, according to Real Trends.
The brokerage closed 3,160 transaction sides worth nearly $850 million in total sales volume in 2009 and, ranked by sales production, was the third-largest independently owned Coldwell Banker franchise affiliate in this year’s second quarter, the announcement said. The brokerage covers the greater Philadelphia and northern Delaware markets.
"We are excited to expand our presence into this important real estate market," said Bruce Zipf, president and CEO of NRT, in a statement. "This move fits perfectly into our expansion model on the East Coast," he said.