America’s fourth largest real estate brokerage is expanding its capabilities with a major acquisition in California
America’s fourth largest real estate brokerage is expanding its capabilities with a major acquisition in California.
Douglas Elliman is to acquire Los Angeles-based Teles Properties, which will operate under the Douglas Elliman banner, making the firm the second largest non-franchise brokerage in the Golden State.
Completion is expected next week and Teles partners Peter Loewy, Sharran Srivatsaa, Peter Hernandezand Evan Ageloff will continue to have integral roles within Douglas Elliman, Western Region.
"Our search for an exceptional company that offered unrivaled technology and marketing platforms, whose agents mirrored the entrepreneurial spirit of Douglas Elliman, led us straight to Teles Properties," said Howard M. Lorber, chairman of Douglas Elliman Realty, LLC.
Chief executive of Brokerage Elliman, Western Region, Stephen H. Kotler will expand his role to oversee operations throughout California and Colorado while Peter Loewy will serve as CEO for the California region.
"After a decade of growing [Teles] to nearly 600 licensed professionals and staff, I consider this union with Douglas Elliman to be our best growth initiative yet," said Loewy.
The deal will see Douglas Elliman’s coverage expand to 10 offices and more than 7,000 agents plus international exposure through its global alliance with Knight Frank.
Douglas Elliman is to acquire Los Angeles-based Teles Properties, which will operate under the Douglas Elliman banner, making the firm the second largest non-franchise brokerage in the Golden State.
Completion is expected next week and Teles partners Peter Loewy, Sharran Srivatsaa, Peter Hernandezand Evan Ageloff will continue to have integral roles within Douglas Elliman, Western Region.
"Our search for an exceptional company that offered unrivaled technology and marketing platforms, whose agents mirrored the entrepreneurial spirit of Douglas Elliman, led us straight to Teles Properties," said Howard M. Lorber, chairman of Douglas Elliman Realty, LLC.
Chief executive of Brokerage Elliman, Western Region, Stephen H. Kotler will expand his role to oversee operations throughout California and Colorado while Peter Loewy will serve as CEO for the California region.
"After a decade of growing [Teles] to nearly 600 licensed professionals and staff, I consider this union with Douglas Elliman to be our best growth initiative yet," said Loewy.
The deal will see Douglas Elliman’s coverage expand to 10 offices and more than 7,000 agents plus international exposure through its global alliance with Knight Frank.
