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Douglas Elliman To Expand Throughout The Golden State;

Date: Aug 01, 2017

Fourth Largest Real Estate Brokerage in United States to Acquire California Based Teles Properties, its 530 Agents, 20 Locations and Innovative Marketing Platforms; Acquisition to Include Additional Colorado Office

New York, NY  (August 1, 2017) Douglas Elliman,the nationfourth largest residential real estate brokerage company,announced today that it has enteredi nto a contract of sale to acquire Los Angeles-based TelesProperties. Upon closing,the operations of Teles will be under the umbrella of Douglas Elliman,making Elliman the second largest non-franchise brokerage firm in the State of California. Telespartners Peter Loewy,Sharran Srivatsaa, PeterHernandez and Evan Ageloffwill continue tohave integral roleswithin Douglas Elliman,Western Region. Completion ofthe transaction, whichis subject tocustomary closing conditions, isexpected to takeplace during thesecond week ofAugust 2017.

Once closed,DouglasElliman will span21 offices with 630 sales associates inCalifornia, from Coronadoto Carmel; and58 sales associates andfive offices inColorado. The acquisition willalso add aBoulder location toDouglas EllimansColorado brokerage whichalready operates infour locations inAspen and SnowmassVillage. In 2016, the combinedorganization accounted formore than $27.4 billion intotal closed salesvolume nationwide. Acrossthe United States,Douglas Elliman willboast 110 offices andmore than 7,000 agents.

Our searchfor an exceptional companythat offered unrivaledtechnology and marketingplatforms, whose agents mirrored the entrepreneurial spiritof Douglas Elliman,led us straightto Teles Properties,” said Howard M.Lorber, chairman ofDouglas Elliman Realty,LLC. “For almosta decade, buyersand sellers inCalifornia and Colorado have trustedTeles with oneof their mostvaluable assets andimportant life decisions.Teleswell-knownreputation as amajor driving forcefor the past10 years, combined with Peter Loewy,Peter Hernandez, SharranSrivatsaa and EvanAgeloffs leadership experience, makethis an idealunion.”

Long time Ellimanexecutive Stephen H.Kotler, who in2016 was named presidentof Brokerage DouglasElliman, Western Region,will expand hisrole as chiefexecutive officer ofBrokerage Douglas Elliman,Western Region, overseeing operations throughout California andColorado.

Weare proud towelcome Teles Properties andits fine teamof real estateprofessionals to DouglasElliman,” said Mr.Kotler. “Both brokerages sharethe same highlevel commitment toadvancements in technology andmarketing aimed atdelivering exceptional realestate experiences forclients. We areextremely impressed withTelesinnovative marketingand technology platformsand approach toagent training anddevelopment. This movegreatly strengthens ourpresence in California andColorado where Telesimpressive track recordin the luxuryhome market speaksfor itself.”

Since2007, Teles Properties hasbeen a prominentforce in servingsellers and buyersof California andColorado homes, rangingfrom oceanfront housesin Orange Countyto Malibu mansionsto cliff sideestates in PebbleBeach. With over$15 billion in cumulative salessince 2012 alone, Teleswas named byInc. Magazine asone of thefastest growing companiesin America aswell one ofthe best entrepreneurial U.S. companiesby Entrepreneur Magazine.

"After adecade of growingthis company tonearly 600 licensed professionals andstaff, I considerthis union withDouglas Elliman tobe our bestgrowth initiative yet,"said Peter Loewy,who will serveas chief executiveofficer of brokeragefor California. "We aregaining exposure inmarkets around theworld via Ellimans globalalliance with KnightFrank and elevatingour strategic planningin order tooptimize growth aswell as agentand customer satisfaction."

Thereis no othercompany that couldmatch the nationaland international reachthat our agents andclients will gainfrom this union,”said Sharran Srivatsaa,who will benamed president ofbrokerage, Western Region.“From its newtelevision, print anddigital brand campaign,“ItsTime for Elliman,” toits quarterly magazine,ELLIMAN, to itssocial media andpublic relations prowess,operating under theDouglas Elliman bannerwill help propelour agents tonew, untold levelsof success.”

Weare joining forcesto bring thestrongest global realestate experience togetherunder one organization,” saidScott Durkin, Chief Operating Officer ofDouglas EllimanReal Estate. “This isan excellent acquisition forall, because, aspart of DouglasElliman, Teles agentswill have moreopportunities for exposurewhile expanding serviceareas and professional expertisefor home buyersand sellers throughout California andColorado. In addition,the referral opportunity forour agents growseven stronger fortheir clients inthe multiple homemarket.”

Teles executivePeter Hernandez willstay on asPresident of Brokeragefor California; aswill Evan Ageloffwho will serve as Chief OperatingOfficer of Brokerage,Western Region.  

575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2017 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY. CalBRE# 01947727