Elliman targets Boston’s new development condo market with latest acquisition play
Terms for residential brokerage Otis & Ahearn weren't disclosed
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