Elliman targets Boston’s new development condo market with latest acquisition play

Terms for residential brokerage Otis & Ahearn weren't disclosed

New York /
Oct.October 02, 2017 08:03 AM

Douglas Elliman’s national expansion quest continues. On the heels of scooping up Teles Properties in California, the Manhattan-based firm acquired independent Boston brokerage Otis & Ahearn, the Boston Globe reported.

Financial terms of the deal were not revealed, but Otis & Ahearn will continue to operate its three offices in the city and a fourth office in Charlestown, according to the Globe.

Elliman chairman Howard Lorber said the acquisition would help Elliman gain a foothold in Boston’s red-hot new development condominium market.

“We thought it was a natural, and we wanted to wait for the right opportunity,” Lorber told the Globe. “We try to enter markets where we think we can make a real dent in new development.”

Otis & Ahearn, founded in 1978, has marketed at least 25 new development condo projects in Boston. A spokesperson for Elliman said 30 agents will be coming aboard.

Kevin Ahearn, the firm’s co-founder, will stay on as the chief executive of the Boston-area offices.

In August, Elliman dipped into its $102 million war chest to acquire Teles Properties, a deal that added 500 agents and 20 offices to Elliman’s growing California operation. [Boston Globe]James Kleimann


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
Robert Frank with 1021 Park Avenue and Ben Lambert with 28 Laight Street (Getty, Google Maps)

Who’s buying and selling Manhattan homes? Last month’s notable deals

Who’s buying and selling Manhattan homes? Last month’s notable deals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...