DENVER (AP) Coldwell Banker has bought Perry & Butler, the sixth-largest residential real estate firm in the Denver area.
Coldwell Banker got Perry & Butler with the purchase of its Dallas-based parent company, Henry S. Miller, one of the top 25 real estate companies in the country.
Coldwell Banker has been jockeying for the top position in Colorado with Re-Max Alliance for the past year, and the purchase strengthens its position.
The purchase price paid by NRT, the New Jersey-based parent of Coldwell Banker, wasn't disclosed, but industry officials estimate it went for more than $30 million.
''Perry & Butler Realty is among the oldest and most respected real estate firms in Colorado, and we are excited about joining forces with this leading company and its 300 broker associates,'' said Kate Rossi, president of Coldwell Banker Residential Brokerage.
Perry & Butler last year handled 3,400 real estate transactions worth $700 million. The company has 11 offices in Colorado. The purchase brings Coldwell Banker to 1,300 agents in Colorado. The agents had a combined sales of $4 billion last year.
''Without question, this makes it certain we are No. 1,'' Rossi said. ''Perry & Butler is a really high-quality company, it has a large market value, it adds value to us, and its agents are really quality people. There is nothing wrong with this deal.''
When NRT bought Moore and Co., Van Schaack & Co. and Devonshire in 1998, a number of top producers left to either join other companies or start their own.
Perry said he doesn't expect that to happen with Perry & Butler. She said that when agents were told of the sale ''they were just thrilled.''
Perry President Joe Jurschak will become senior vice president of the combined company.