Douglas Elliman, the nation’s fourth largest residential real estate brokerage company, has entered into contract to acquire Los Angeles-based Teles Properties.
Upon closing, the operations of Teles will be 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 Hernandez and Evan Ageloff will continue to have roles within Douglas Elliman, Western Region.
Once closed, Douglas Elliman will span 21 offices with 630 sales associates in California, from Coronado to Carmel; and 58 sales associates and five offices in Colorado. The acquisition will also add a Boulder location to 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. Teles’ well-known reputation as a major driving force for the past 10 years, combined with Peter Loewy, Peter Hernandez, Sharran Srivatsaa and Evan Ageloff’s leadership experience, make this an ideal union.”
Long time Elliman executive Stephen H. Kotler, who in 2016 was named president of Brokerage Douglas Elliman, Western Region, will expand his role as chief executive officer of Brokerage Douglas Elliman, Western Region, overseeing operations throughout California and Colorado.