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Douglas Elliman expands Boston presence with new acquisition
After staking its claim in Washington, D.C., Douglas Elliman Realty is targeting Boston for further expansion.
The firm, which announced last month that it’s opening three locations in the Metro D.C. area, now has a second office in Boston after acquiring independent real estate company Bulfinch Boston Realty in the Back Bay, Inman reported.
In doing so, Elliman will bring on board Bulfinch President Zechariah Cook along with the company’s six-person team, which has had $200 million in sales since 2016, the outlet reported.
Cook, according to Inman, has been in real estate for 13 years, buying half of Bulfinch in 2010. He became the sole owner of the brokerage in 2019 after buying out his partner.
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Elliman’s other Boston office, which is headquarters to Elliman Massachusetts, is located at 20 Park Plaza.
The firm continues to expand despite a softening residential market, having also opened new offices this year in Nantucket, Massachusetts.; New Canaan, Connecticut; Las Vegas, Houston, Orange County, California.; and Basalt, Colorado.
Elliman, which spun off last year from parent company Vector Group and has more than 6,600 agents nationwide, posted a net loss of $4 million in the third quarter.
The company announced that it had acquired Bulfinch Boston Realty, which would bring a new six-person team under the Douglas Elliman banner.