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NRT Acquires Coldwell Banker Pacific Properties
And Enters Oahu, Hawaii, as Local Real Estate Leader
PARSIPPANY, N.J. and HONOLULU, Hawaii, – November 1, 2005
NRT Incorporated, the nation’s largest residential real estate brokerage company, today announced it has acquired Coldwell Banker Pacific Properties, Ltd. and Coldwell Banker Commercial Pacific Properties, Ltd. in Honolulu, Hawaii. With this announcement, Coldwell Banker Pacific Properties, the largest residential real estate brokerage in Hawaii, will now be owned and operated by NRT.
During the past year, Coldwell Banker Pacific Properties accounted for approximately $2 billion in closed sales volume. The company operates five residential sales offices with 500 sales associates on Oahu, where nearly three-quarters of the state’s population resides. Coldwell Banker Commercial Pacific Properties, Ltd. is a single-office commercial real estate company with 15 sales professionals operating on Oahu.
“Scott Bradley and Herb Conley have created a realty firm that has continued to outperform its peers,” said Bruce Zipf, president and CEO for NRT. “Just as importantly, they’ve created a culture within their company that is known for integrity, innovation and growth, which have always been the hallmark of our success at NRT.”
Scott Bradley and Herb Conley, Jr., co-owners and managing directors of Coldwell Banker Pacific Properties, will continue as managing directors and co-presidents of the Hawaii-based operation for NRT. They will become part of NRT’s western region, which is headed by Greg Macres, a senior vice president for NRT.
“NRT can provide resources far beyond what we could provide on our own, and our sales associates and clients will see improvements in marketing, technology and services,” said Bradley. Conley added, “This will extend our potential referrals across a network that goes beyond Hawaii and across the United States, strengthening our ability to connect buyers and sellers. We’re especially pleased to continue to do business under the Coldwell Banker brand, which has a great deal of equity for us and our associates.”
Founded in 1995, Coldwell Banker Pacific Properties was formed following the merger of four of the state’s top five brokerage firms, and simultaneously became a Coldwell Banker® franchisee. During 2004, Coldwell Banker Pacific Properties was involved in the sale of more than 4,000 homes.
NRT Incorporated is the largest residential real estate brokerage company in the United States and also has locations in the United Kingdom. NRT operates in more than 35 major metropolitan areas. In 2004, NRT posted a real estate industry record of $204 billion in closed sales volume.
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