Lower than six months after saying it would be acquired by a nationwide title insurance coverage firm, Bellevue-based actual property brokerage Coldwell Banker Bain has been bought to the nationwide actual property agency Coldwell Banker Realty.
The corporate introduced the sale Tuesday, saying Coldwell Banker Realty had purchased the native brokerage from US RES Holding, the funding firm that purchased the brokerage final fall.
Coldwell Banker Bain representatives declined to elaborate on the causes for the shift from the earlier purchaser.
“Coldwell Banker Realty is an actual property firm and is a greater match,” CEO Mike Grady stated in a press release.
The shifting possession has been a major transfer for the almost 50-year-old native firm that’s among the many area’s largest residential real estate firms. With about 1,300 brokers in 37 places of work, Coldwell Banker Bain had beforehand operated as an independently owned franchise of Coldwell Banker.
Like different conventional brokerages, Coldwell Banker Bain has confronted rising stress from startups similar to Redfin and Zillow. With out naming rivals, Grady advised brokers final fall that different corporations’ “deep capital, and lack of the need for revenue, permits these rivals to function in a way conventional actual property corporations would discover difficult.”
Coldwell Banker Bain had “searched and investigated for a very long time” earlier than saying final yr’s deal, Grady stated on the time.
The brand new sale “establishes a stronger foothold for our firm,” Coldwell Banker Bain told brokers this week.
Grady and different executives will keep on, and current places of work will proceed with the Coldwell Banker Bain branding “for the foreseeable future,” the corporate stated.
The corporate didn’t disclose the sale worth. The brand new proprietor, Coldwell Banker Realty, is owned by Realogy Brokerage Group, a subsidiary of a New York-based holding company that’s publicly traded.