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NRT Expands in New Haven, Conn., Sturbridge, Mass. And Ventura, Calif.
Nation’s Largest Residential Real Estate Brokerage Company Continues to Bring Together Premier Companies
PARSIPPANY, N.J. – March 29, 2006
NRT Incorporated, the nation’s largest residential real estate brokerage company, today announced it acquired the assets of three prominent real estate firms — Coldwell Banker Select Sites in greater New Haven, Conn., Coldwell Banker Towne and Country Realty in Sturbridge, Mass., and Pierpont Bay Realty in Ventura, Calif. Each company will now operate under the banner of Coldwell Banker Residential Brokerage in its respective local market.
“We continue to pursue discussions with key real estate firms that demonstrate a similar culture to ours, while making significant investments in our people, our family of companies and the real estate industry as a whole,” said Bruce Zipf, NRT president and CEO.
In 2005, NRT acquired 31 companies and entered several new markets, including Cape Cod, Mass.; Sun Valley, Idaho; Santa Fe, N.M., Phoenix and Tucson, Ariz., and Honolulu, Hawaii. The company operates more than 1,000 offices under the banners of Coldwell Banker®, Sotheby’s International Realty, Inc.®, ERA® and The Corcoran Group®, which also oversees Citi Habitats and The Sunshine Group. Since its inception in 1997, NRT has acquired more than 320 companies.
“No matter how much we grow, we understand that real estate will inherently be a local business,” Zipf said. “We’re proud to offer all the resources of a large organization with the personalized service and expertise of a local boutique.”
With more than 64,000 sales associates operating in over 35 major metropolitan areas, NRT posted a real estate industry record of $230 billion in closed sales volume in 2005. NRT (www.nrtinc.com) is a subsidiary of Cendant Corporation (NYSE: CD). Cendant is one of the foremost providers of real estate and travel services in the world.
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