Coldwell Banker
Coldwell Banker
Sears Financial Network(1981–1993) | |
Subsidiary ofRealogy | |
Industry | Real estate |
Founded | San Francisco, California(August 27, 1906) |
Headquarters | |
Charlie Young, CEOBenjamin Arthur Banker, partnerColbert Coldwell, founder | |
Parent | Sears(1981–1993)Fremont Group (1993-1996)Cendant(1996–2006)Realogy(2006–present) |
Website |
Coldwell Banker Real Estate LLC is an American real estate franchise owned by Realogy with headquarters in Madison, New Jersey. It was founded in 1906 in San Francisco,[1] and has approximately 3,000 offices in 49 countries and territories.[2] It publishes an annual house price guide, Home Listing Report.[3][4]
Sears Financial Network(1981–1993) | |
Subsidiary ofRealogy | |
Industry | Real estate |
Founded | San Francisco, California(August 27, 1906) |
Headquarters | |
Charlie Young, CEOBenjamin Arthur Banker, partnerColbert Coldwell, founder | |
Parent | Sears(1981–1993)Fremont Group (1993-1996)Cendant(1996–2006)Realogy(2006–present) |
Website |
History
After the devastating 1906 San Francisco earthquake and fires, Albert Nion Tucker, Colbert Coldwell and John Conant Lynch formed Tucker, Lynch and Coldwell on August 27, 1906. Benjamin Arthur Banker joined the firm as a salesman in 1913, and became a partner in 1914. The company was renamed Coldwell Banker in the same year. Banker and Coldwell remained active in the company throughout their lives.[5][6]
In 1920 Coldwell Banker moved to a three-story building in San Francisco.
It opened an office in Phoenix, Arizona, its first outside California, in 1952.[6] In the 1970s the company expanded by acquiring firms in Atlanta, Chicago, and Washington, D.C. The first international Coldwell Banker office opened in Toronto, Canada in 1996.[6]
Coldwell Banker became a corporation in 1961, and went public in 1968.
In 1981 it was bought by Sears, Roebuck, and became part of the Sears Financial Network.[6][7] In 1989, Sears sold Coldwell Banker's commercial unit to a management-led buyout group including The Carlyle Group for approximately $300 million.[8][9] As part of the sale, the residential unit retained the Coldwell Banker name; the commercial group has changed names several times after the sale and various mergers and acquisitions, and is now CBRE Group.
Sears sold Coldwell Banker's surviving residential unit to the Fremont Group, a California investment company, for $230 million in 1993.[10] It was sold to HFS Inc., later Cendant, in 1996.[11][12] When Cendant broke up in 2006, the real estate businesses were spun off as Realogy, which was sold to Apollo Management for about $7.75 billion.[13]
Philanthropy
See also
CBRE Group