South Bay residential real estate brokerage Shorewood Realtors Inc. has been acquired by Denver real estate holding company Herman Group for an undisclosed price.
The Manhattan Beach agency, with nine offices and more than 350 agents, announced the acquisition last week at a companywide meeting.
Herman, which owns real estate companies in Colorado, Florida and Nevada, now counts upwards of 1,000 agents among its ranks.
Roger Herman, founder and chief executive of Herman, said he was drawn to the 45-year-old Shorewood by its work in the luxury market.
“It’s got an incredible history and culture, and it’s got the top agents in the market,” he said.
Herman said he is house hunting in the area and plans to move to the region with his wife and children in order to be hands on at Shorewood, which will retain its brand identity.
“I will be operating this company personally,” he said.
Shorewood founder Arnold Goldstein, who celebrated his 81st birthday last week, will continue with the company as chairman emeritus.
“The timing was perfect and I thought Roger was the right person to perpetuate the Shorewood name,” he said. “I thought he could take it to another level.”
Ken Adam, an agent who has worked for Shorewood since 2001, said he is optimistic about what the acquisition means for the agency.
“(Herman) has great plans to expand the company and the brand, and he seems very agent driven, so I think it’s going to be an exciting time for Shorewood over the next few years,” he said.
Creative office space in Culver City continues to be a hot commodity.
Westside Business Park, a 72,000-square-foot creative office campus on 3.8 acres, sold last week for nearly $26.5 million, or about $369 a square foot.
Lionstone Group, one of the largest creative office landlords on the Westside, bought the property from a limited liability company named for the business park at 10301-10395 Jefferson Blvd. The seller originally purchased the property in 2008 for almost $21.4 million, or $328 a square foot.
Bob Safai, a founding partner of West L.A. real estate brokerage Madison Partners, represented the seller in the deal. He said the seller was ready to market the property after renovating the former warehouse extensively and upping tenancy. At the time of the deal, which closed Feb. 25, the office complex was about 93 percent leased to creative and technology tenants such as Tumblr, Brightest Sound, Woven Digital, eSalon and Ziff Davis Inc.
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