Fewer than six months soon after saying it would be acquired by a countrywide title insurance coverage firm, Bellevue-centered actual estate brokerage Coldwell Banker Bain has been bought to the countrywide genuine estate company Coldwell Banker Realty.
The firm introduced the sale Tuesday, expressing Coldwell Banker Realty experienced acquired the neighborhood brokerage from US RES Holding, the investment decision corporation that acquired the brokerage very last fall.
Coldwell Banker Bain reps declined to elaborate on the reasons for the change from the preceding consumer.
“Coldwell Banker Realty is a real estate enterprise and is a far better match,” CEO Mike Grady said in a statement.
The shifting ownership has been a significant move for the nearly 50-yr-outdated area enterprise that is amongst the region’s largest residential serious estate corporations. With about 1,300 agents in 37 places of work, Coldwell Banker Bain experienced beforehand operated as an independently owned franchise of Coldwell Banker.
Like other standard brokerages, Coldwell Banker Bain has confronted increasing strain from startups this kind of as Redfin and Zillow. With no naming competitors, Grady instructed brokers past fall that other companies’ “deep funds, and lack of the requirement for gain, lets these competition to operate in a way classic true estate firms would uncover demanding.”
Coldwell Banker Bain had “searched and investigated for a extensive time” prior to asserting previous year’s deal, Grady stated at the time.
The new sale “establishes a more robust foothold for our corporation,” Coldwell Banker Bain advised brokers this 7 days.
Grady and other executives will remain on, and present workplaces will carry on with the Coldwell Banker Bain branding “for the foreseeable long term,” the organization mentioned.
The firm did not disclose the sale cost. The new owner, Coldwell Banker Realty, is owned by Realogy Brokerage Team, a subsidiary of a New York-dependent holding corporation that is publicly traded.