Coldwell Banker Residential Completes Two Mergers

Each of the three operating companies will be led by its own president. Bill Kiley, former president and COO of Coldwell Banker Hunneman, was appointed president of Coldwell Banker Residential Brokerage in Central New England. The company will have 108 offices and more than 3,100 sales associates serving Massachusetts with a focus on the greater Boston real estate market.

Rick Loughlin, former president of DeWolfe Real Estate, was named president of Coldwell Banker Residential Brokerage in Southern New England. The company will have 36 offices with 1,100 sales associates serving Connecticut, Rhode Island and Hampden County in western Massachusetts.

Jim McKeon, former senior vice president of sales with DeWolfe Real Estate, was appointed president of Coldwell Banker Residential Brokerage in Northern New England. The company will have 18 offices with 450 sales associates serving Maine and New Hampshire.

Coldwell Banker Residential Brokerage was recently formed when NRT Inc., a residential real estate brokerage company that is a subsidiary of NY-based Cendant Corp., purchased Lexington, MA-based The DeWolfe Cos., Inc. for $149 million. The merger of The DeWolfe Companies with Coldwell Banker Hunneman, one of NRT's wholly owned subsidiaries, is creating the combined organization that will be the largest real estate services organization in the New England region.

NRT recently announced that it successfully completed the cash tender offer by its subsidiary, Timber Acquisition Corporation, at $19.00 per share, for all outstanding shares of common stock of The DeWolfe Companies.

The two independently owned Coldwell Banker affiliates that just merged with Coldwell Banker Residential Brokerage represented over $153 million in sales volume and $5.5 million in gross commission income in the past year.

Barrington, RI-based Coldwell Banker Gold, Realtors is an 11-office firm with 131 sales associates and will become part of Coldwell Banker Residential Brokerage in Southern New England. The firm accounted for sales volume of $120.7 million and gross commission income of nearly $4.5 million last year while serving the Rhode Island and southeastern Massachusetts markets.

Coldwell Banker Gleason Real Estate, located in Brunswick, ME, will be merged into Coldwell Banker Residential Brokerage in Northern New England. Founded in 1980, Coldwell Banker Gleason is a one-office firm with 12 sales associates. The company was responsible for more than $32.6 million in sales volume and $1.1 million in gross commission income in 2001.

NRT is the country's largest residential real estate brokerage company. It has over 850 offices and 45,000 sales associates operating in 24 metropolitan markets. In 2001, NRT had $117 billion in sales. Cendant is primarily a provider of travel and residential real estate services. It has 70,000 employees in over 100 countries.