Less than six months after announcing its acquisition by a national title insurance company, Bellevue-based real estate brokerage Coldwell Banker Bain has been sold to national real estate firm Coldwell Banker Realty.
The company announced the sale on Tuesday, saying Coldwell Banker Realty bought the local brokerage from US RES Holding, the investment firm that bought the brokerage last fall.
Representatives for Coldwell Banker Bain declined to elaborate on the reasons for the change from the previous buyer.
“Coldwell Banker Realty is a real estate company and is a better fit,” CEO Mike Grady said in a statement.
The change of ownership was a big decision for the nearly 50-year-old local business, which is one of the largest residential real estate companies in the area. With approximately 1,300 agents in 37 offices, Coldwell Banker Bain previously operated as an independent Coldwell Banker franchise.
Like other traditional brokerages, Coldwell Banker Bain has faced increasing pressure from startups such as Redfin and Zillow. Without naming any competitors, Grady told brokers last fall that “other companies’ large capital and lack of need for profit allows these competitors to operate in ways that traditional real estate companies would find difficult.”
Coldwell Banker Bain had “researched and investigated for a long time” before announcing the deal last year, Grady said at the time.
The new sale “establishes a stronger foundation for our business,” Coldwell Banker Bain told brokers this week.
Grady and other executives will remain, and the existing offices will continue under the Coldwell Banker Bain brand “for the foreseeable future,” the company said.
The company did not disclose the sale price. The new owner, Coldwell Banker Realty, is owned by Realogy Brokerage Group, a subsidiary of a New York-based, publicly traded holding company.