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

Terms for residential brokerage Otis & Ahearn weren't disclosed

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

Downtown Boston and Howard Lorber (Credit: Getty Images)

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 Article

arrow_forward_ios

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

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

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Chase Landowm, Douglas Elliman’s Noble Black and Rosie Pope (Credit: Douglas Elliman and Getty Images)

Former “Pregnant in Heels” TV star Rosie Pope is getting into real estate

From left: Zillow's Matt Daimler, Bohemia Realty's Sarah Saltzberg, Douglas Elliman's Hal Gavzie and Brown Harris Stevens' Bess Freedman (Credit: Facebook and Twitter)

StreetEasy is trying to steal our landlord clients: brokerage execs

Aggressive iBuyer Opendoor acquires title and escrow company

Here are 5 takeaways from TRD’s deep dive into Eklund-Gomes’ national expansion

arrow_forward_ios