Douglas Elliman buys Delray Beach brokerage firm
Douglas Elliman just purchased a Delray Beach brokerage firm, bringing its roster of offices to 19 statewide as it expands along Florida’s coast, The Real Deal has learned.
The firm bought Tauriello & Co. Real Estate, founded in 2000 by Sue Tauriello. Tauriello’s 60 agents and office at 900 East Atlantic Avenue will all become part of Douglas Elliman, Jay Parker, CEO of Elliman’s Florida brokerage, told TRD. He declined to disclose the purchase price.
Tauriello will remain with Elliman as a realtor, as the firm’s total number of agents now tops 900 in the state.
The New York-based brokerage has been eyeing Delray Beach and Tauriello & Co. for some time, Parker said. Tauriello’s “homegrown” nature made the firm an attractive target in the growing market, known for its trendy restaurants, boutiques and nightlife, that has become an increasingly popular destination for Northeasterners and others, he said.
“We had identified Tauriello as a possible candidate for acquisition probably a year-and-a-half ago as we began our search to move into the Delray Beach market,” Parker said. “[Douglas Elliman Chairman] Howard Lorber and I both agreed Delray was a nexus market for us.”
Ingrid Carlos, manager of Douglas Elliman’s Boca Raton office, will become the managing broker of the new Delray Beach operation. Parker said the office will expand with another 1,000 square feet of leased space and plans to boost its number of agents.
“We’re looking to add key agents that can help us expand our reach into that market and service that market,” he said. “There’s no real agent goal. It’s just about making ourselves well positioned to attract the best agents.”
South Florida brokerages have been on a buying spree in recent months. In September, Elliman bought Turnberry International Realty’s office in Bay Harbor Islands, taking over the lease and the sales team. In October, One Sotheby’s International Realty acquired Crescendo Real Estate in Bay Harbor Islands. And in June, Brown Harris Stevens closed on its purchase of Ocean Club Realty in Key Biscayne.
Source: The Real Deal