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Douglas Elliman plans to acquire Teles Properties, a Beverly Hills-based firm that will add 20 offices and 500 agents to Elliman, growing the residential real estate firm's West Coast presence to 21 California offices and 60 agents.
The move makes Elliman one of the largest residential firms on the West Coast and brings its number of offices to 110 across the nation, The Real Deal reports.
While Elliman's listings are mostly luxury homes, Teles' listings are usually less than $5M. As part of the deal, the $3.4B-grossing Teles will be rebranded as Douglas Elliman.
Elliman's Stephen Kotler, who has overseen the company's West Coast expansion as western region president, will become Western region CEO.
"We had a choice to either grow organically or acquire and we decided to acquire a company we thought would be a good fit," Kotler told TRD.
Teles co-President Sharran Srivatsaa will become Elliman Western region president, and Teles Chief Operating Officer Evan Ageloff will become Western region chief operating officer. Teles co-President and co-founder Peter Hernandez will become president of brokerage for California.
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