After 103 years of business in the North Bay, family-owned real estate company Frank Howard Allen Realty announced it has sold its offices to Sotheby’s International Realty and Coldwell Banker Residential Brokerage.
At a companywide meeting at its Marin Office on Tuesday, Oct. 26, Frank Howard Allen owner Larry Brackett told his staff that all 17 offices had been sold, effective at 12:01 a.m. Coldwell Banker acquired 13 Frank Howard Allen offices, including all offices in Marin County and offices in Petaluma, Healdsburg, Santa Rosa and Kenwood. Sotheby’s International Realty acquired the remaining offices – two in Sonoma, one in Glen Ellen and one in Napa. Both Sotheby’s International Realty and Coldwell Banker are part of the nation’s largest real estate firm, NRT, LLC.
Frank Howard Allen was founded in 1910 in Marin County by Frank Howard Allen Jr. and closed $1.85 billion in real estate sales last year, according to NRT. Brackett and his wife bought the company in 1989. It is regarded as one of the largest real estate firms in the North Bay and has been named among the top 60 firms in the country, based on sales in Real Trends 2013 list of the 500 largest brokers.
According to Corrie Sterbentz, Frank Howard Allen’s regional manager in Sonoma, Glen Ellen and Napa, who will become a local manager at Sotheby’s International Realty, the company could not sell offices to Coldwell Banker in Sonoma because of a local Coldwell Banker franchise. Sotheby’s International Realty was another strong suitor, she said, and, with its powerful presence in the Valley, a natural choice.
“Sotheby’s International Realty is highly regarded,” Brackett said in a prepared statement. “The company has a strong, far-reaching platform, and its name opens doors to clients across the country and across the globe. We believe that our agents and clients will experience tremendous benefits from the enhanced regional and global presence.”