The fourth largest real estate brokerage in the U.S. has acquired California-based Teles Properties, its 530 agents, 20 Locations and innovative marketing platforms.
The operations of Teles are now under the umbrella of Douglas Elliman, making Elliman the second largest non-franchise brokerage firm in the State of California. Teles partners Peter Loewy, Sharran Srivatsaa, Peter Hernandezand Evan Ageloff continue to have integral roles within Douglas Elliman, Western Region.
Douglas Elliman spans 21 offices with 630 sales associates in California and 58 sales associates and 5 offices in Colorado. The acquisition also adds a Boulder location to Douglas Elliman’s Colorado brokerage, which already operates in four locations in Aspen and Snowmass Village. In 2016, the combined organization accounted for more than $27.4 billion in total closed sales volume nationwide. Across the United States, Douglas Elliman will boast 110 offices and more than 7,000 agents.
“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. “For almost a decade, buyers and sellers in California and Colorado have trusted Teles with one of their most valuable assets and important life decisions.”
Long time Elliman executive Stephen H. Kotler — who Douglas Elliman named president of brokerage for the western region in 2016 — will expand his role as chief executive officer of brokerage for the western region, overseeing operations throughout California and Colorado.
“We are proud to welcome Teles Properties and its fine team of real estate professionals to Douglas Elliman,” said Kotler. “Both brokerages share the same high level commitment to advancements in technology and marketing aimed at delivering exceptional real estate experiences for clients. We are extremely impressed with Teles’ innovative marketing and technology platforms and approach to agent training and development. This move greatly strengthens our presence in California and Colorado where Teles’ impressive track record in the luxury home market speaks for itself.”
With more than $15 billion in cumulative sales since 2012, Teles Properties has been a prominent force in serving sellers and buyers of California and Colorado homes, ranging from oceanfront houses in Orange County to Malibu mansions to cliffside estates in Pebble Beach.
“After a decade of growing this company to nearly 600 licensed professionals and staff, I consider this union with Douglas Elliman to be our best growth initiative yet,” said Peter Loewy, the chief executive officer of brokerage for California.
“There is no other company that could match the national and international reach that our agents and clients will gain from this union,” agreed Sharran Srivatsaa, the president of brokerage for the western region.
“We are joining forces to bring the strongest global real estate experience together under one organization,” added Scott Durkin, chief operating officer of Douglas Elliman Real Estate. “This is an excellent acquisition for all, because, as part of Douglas Elliman, Teles agents will have more opportunities for exposure while expanding service areas and professional expertise for home buyers and sellers throughout California and Colorado.”
Teles executive Peter Hernandez will stay on as president of brokerage for California, and Evan Ageloff will serve as chief operating officer of brokerage for the western region.
For more information, visit www.elliman.com.