Realogy Holdings Corp.'s vast residential brokerage arm got even bigger this week when it announced the acquisition of Frank Howard Allen Realtors, a company that had nearly $2 billion in sales volume last year.
The Madison-based real estate giant said its NRT LLC subsidiary acquired 17 of the firm's company-owned offices in northern California. Terms of the deal were not disclosed.
The acquisition is the latest move for Realogy, which was taken public last year and in June opened its new headquarters in Morris County. A month later, the global company reported $84 million in second-quarter earnings, turning a profit thanks to improvements in the housing market and a reduction of debt expenses.
The addition of Frank Howard Allen is also Realogy's third acquisition in two weeks, according to a news release. The company has also made additions in Greenwich, Conn., and Cocoa Beach, Fla.
Frank Howard Allen, a 103-year-old brokerage company, had about $1.85 billion in closed sales volume in 2012, Realogy said in a news release. In a prepared statement, Chairman and CEO Larry Brackett said his firm has had many suitors, but NRT was the right match because of its "marketing platforms, referral opportunities and technological capabilities."
Thirteen of the newly acquired offices will operate under the Coldwell Banker Residential Brokerage flag, while the other four will operate as Sotheby's International Realty locations.
NRT owns and operates more than 700 offices in the U.S., housing more than 41,000 sales associates, Realogy said. The company's brands also include ERA and the Corcoran Group.
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