BHS to acquire Edward Lee Cave

Brown Harris Stevens signed a letter of intent last week to take over the Edward Lee Cave residential boutique brokerage. Under the arrangement, BHS will operate the firm as an independent division run by its current president, Carolyn Guthrie, and with help from its founder, Edward Lee Cave. Hal Willkie, president of BHS, said the deal, which involves Cave licensing his name to BHS for a period of years, has been under discussion since long before the recession.