The New York to South Florida pipeline is extending to the residential brokerage industry, where Engel & Völkers franchise owner Donald Brennan acquired the Palm Beach office.
Brennan, who owns franchises in Manhattan, Brooklyn, New Jersey and the North Fork of Long Island, acquired the rights to the geographic zone that includes a dozen ZIP codes in West Palm Beach, Palm Beach, Manalapan, Lake Worth Beach, North Palm Beach, Juno Beach and a slice of Palm Beach Gardens, according to a spokesperson.
Engel & Völkers expanded to West Palm Beach last year through its former license partners Enrique Vicente Urdaneta Alamo and José Antonio Oliveros Febres Cordero. Engel & Völkers no longer has a master licensee that controls all the franchises in the state, according to Brennan.
The Palm Beach market deal closed on Friday, Brennan said, declining to disclose terms of the acquisition.
The office, at 135 Quadrille Plaza Drive in West Palm Beach, is home to 16 real estate agents with 23 listings, including a $7 million listing in Miami and a $3.9 million listing in Fort Lauderdale. West Palm Beach is also seeing spillover growth in its residential market.
Luxury condo developers have more than two dozen towers in the works. A number of companies have also expanded or relocated to West Palm Beach.
Brennan, the sole owner of that region, said he was motivated by his long-term plans to service clients who are moving from market to market, in this case from the Northeast to Palm Beach County.
Brennan said he plans to grow Engel & Völkers’ market share in the region and expand further in South Florida.
On Palm Beach island, a handful of brokerages dominate, including boutique firms Christian Angle Real Estate and Lawrence A. Moens Associates. Last summer, Ryan Serhant opened an office at 324 Royal Palm Way after bringing on Palm Beach broker Gary Pohrer a year earlier.
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