Elliman Brokerage Acquires California’s Teles Properties

real estate briefs Peter Loewy es
Teles partner Peter Loewy will stay on under the Elliman consolidation.

Douglas Elliman, the nation’s fourth largest residential real estate broker, recently agreed to buy Los Angeles-based Teles Properties. Terms of the deal, expected to close this week, were not disclosed. The consolidation will make Elliman the second largest non-franchise broker in California, with 21 offices and 630 sales associates from Coronado to Carmel, says a company statement. Teles partners Peter Loewy, Sharran Srivatsaa, Peter Hernandez and Evan Ageloff will continue with Elliman. The deal will also add a Boulder, Colo., location to Douglas Elliman’s existing four locations in Aspen and Snowmass Village. In 2016, the combined organization accounted for more than $27.4 billion in sales volume nationwide, the statement says.