When Douglas Elliman completes the acquisition, the combined firm will have 20 offices and 630 sales associates within the state — a dramatic expansion from Elliman’s single location in Beverly Hills. Douglas Elliman estimated that the deal will make it the second-largest non-franchise residential brokerage in California based on sales volume, behind only Pacific Union. Last year, Elliman and Teles combined had sales volume of about $4 billion in California and $27.4 billion nationwide, according to Douglas Elliman, which was founded in 1911. Howard M. Lorber, chairman of parent company Douglas Elliman Realty, said Teles’ technology is impressive but was not the driving force behind the deal. “But my initial consideration was where their offices are.”Among Teles’ 19 offices in California are locations in San Diego, Newport Beach, Beverly Hills and Carmel.

Source: Los Angeles Times July 31, 2017 23:15 UTC