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Following Ambitious West Coast Expansion, Douglas Elliman Forges Ahead To Boston

Date: Sep 28, 2017

FollowingAmbitious West Coast Expansion, Douglas Elliman Forges Ahead To Boston

Nation’s Fourth-Largest Real Estate Brokerage to Acquire Boston-BasedOtis & Ahearn, its 30 Agents, 3 Locations and Robust New DevelopmentMarketing Portfolio

New York, NY (September 28, 2017) Douglas Elliman, the fourth-largest residential real estatebrokerage company in the United States, announced today that it has enteredinto a letter of intent toacquire Boston-based Otis & Ahearn. Completion of the transaction, which issubject to customary closing conditions, is expected to occur during the lastweek of October 2017. Once closed, Douglas Elliman will span three offices with30 sales associates in Boston, from the Back Bay to the Boston Gold Coast.Across the United States, Douglas Elliman will boast 113 offices and more than7,000 agents.

“Atruly global city ripe with opportunity because of its tremendous appeal tointernational buyers, tech entrepreneurs and financial professionals, I amextremely pleased to bring our highly acclaimed and proven brand of real estateto Boston,” said Howard M. Lorber, chairman of Douglas Elliman Realty,LLC. “I was particularly impressed by the team at Otis & Ahearn, not onlyfor their astute capabilities in the resale market, but also for the very sophisticatednew development division they have built over the last 30 years.”

Foundedin 1978 by sole principal, Kevin J. Ahearn, Otis & Ahearn has been aprominent force in serving sellers and buyers of Boston, one of the oldestcities in the United States, ranging from the iconic row houses of Beacon Hillto architecturally significant new condominiums along the downtown waterfront.It has also represented a very robust portfolio of ground-up and conversion newdevelopments including W Boston Residences, the Residences at theIntercontinental and Trinity Place.

“There is no other companythat could match the national and international reach that our agents andclients will gain from this union,” said Kevin J. Ahearn, who will be named CEO of Douglas Elliman’s Bostondivision. “From its global alliance with Knight FrankResidential to its new television, print and digital brand campaign, “It’s Time forElliman,” to the beautiful quarterlymagazine, Elliman, the Douglas Elliman umbrella will help propel ouragents to new, untold levels of success.”

“We are joining forces to bring the strongest globalreal estate experience together under one organization,” said Scott Durkin, COOof Douglas Elliman. “This is an excellent acquisition for all, because, as partof Douglas Elliman, Otis & Ahearn agents will have more opportunities forexposure while expanding service areas and professional expertise for homebuyers and sellers throughout the greater Boston area, across the United Statesand around the world. In addition, we are thrilled to expand referralopportunities for our agents as we move into this exciting new market.”

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About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 7,000 agents, the company operates approximately 110 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and California. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattans largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.

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