National residential real estate brokerage Douglas Elliman announced Tuesday it was in the process of acquiring Beverly Hills-based Teles Properties.
Douglas Elliman, which touts itself as the country’s fourth-largest residential real estate firm, is expected to become California’s second-largest non-franchise brokerage once the sale is complete, according to a press release from the company.
The sale would expand New York-based Douglas Elliman to 21 offices and 630 sales associates in California, the company said. The sale is expected to be completed sometime next week, the company said. Financial details weren’t disclosed.
The companies together accounted for more than $27.4 billion in total closed sales volume nationwide last year, Douglas Elliman said. Nationally, the company expects to grow to 110 offices and more than 7,000 agents when the sale is closed.
Teles ranked No. 13 on the Business Journal’s list this year of largest residential brokerage firms in Los Angeles County, with $1.8 billion in local sales in 2016. Douglas Elliman ranked No. 31 with $700 million in 2016 Los Angeles County sales.