X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PARSIPPANY, NJ-Realogy Corp., based here, has acquired the assets of the Chicago-based Oncor International, the commercial real estate referral network whose members include some of the biggest independently owned brokerage firms. The deal effectively brings 44 Oncor member companies operating in 220 markets into the Realogy fold. Realogy, of course, is the spun-off former real estate franchise business of Cendant, and Oncor joins a stable that includes Coldwell Banker Commercial, Century 21, Sotheby’s International Realty and NRT, among others.

“We look at this acquisition from a very strategic standpoint,” Alex Perriello, president and CEO of the Realogy Franchise Group, tells GlobeSt.com, noting that initial conversations on the acquisition began in December. “It helps create a value circle in the commercial business. We have created, over the past 10 years, a very similar value circle on the residential side of the business, and this is really modeled after that. It’s really a Realogy-level commercial value circle strategic play.”

Realogy officials declined to provide financial details of the acquisition, releasing only a statement that read, “the acquisition is not expected to have a material impact on Realogy’s financial results.” On the operational side, Oncor will function as a distinct unit within the Realogy Franchise Group, with David Matthes continuing to serve as president and CEO of the unit.

“His job will be to grow the Oncor network,” Perriello says. “On a parallel course, we will continue doing what we have always been doing with Coldwell Banker Commercial. We have a great deal of experience here at Realogy of managing multiple brands.”

“We did a lot of due diligence and a lot of analysis on the various options available to Oncor International,” Matthes tells GlobeSt.com. “Having done all that, we found that Realogy was a perfect strategic fit for Oncor International’s future growth and expansion. We’ve had an opportunity to talk to a lot of member firms, and to a firm, everybody is extremely excited about the opportunity that joining up with Realogy presents to us, both on a strategic basis and on an organic growth basis.”

“Oncor’s referral network complements Realogy’s existing franchise networks of commercial real estate brokerages,” Perriello says. “We anticipate that the combined reach of our groups will increase referral traffic and strengthen Realogy’s ability to provide access to services on a global basis.”

“We believe Realogy’s relationships in the business-to-business segment will give our member companies even greater opportunities to expand product lines, such as corporate, investment and retail services, to an even broader base of businesses in the US and abroad,” Matthes adds. For its part, Oncor, which was formed in 1977, generated $27.8 billion in commercial real estate sales volume in 2005.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.