Brookfield Residential Property Services announced its purchase of Prudential Real Estate and Relocation Services, which includes eight offices that encompass 300 real estate agents in Northeast Florida under the Prudential Network Realty name.
The local offices will remain independently owned and operated within the region and remain under the leadership of Linda Sherrer, Prudential Network Realty founder, president and CEO; Christy Budnick, executive vice president of residential real estate; and partners Thomas Petway, W.A. McGriff, E. Bruce Bower and J. Michael Hughes.
“The business will remain the same,” Sherrer said Thursday. “It just gets bigger.”
Sherrer said Brookfield focuses solely on real estate, while Prudential has diverse interests, which will be a “tremendous benefit” to the business.
She said Brookfield also has a larger global footprint and stronger emphasis in corporate relocation — which comprises 21 percent of Prudential Network’s business — and should result in greater opportunities, she said.
“It’s a pretty exciting time,” she said.
Prudential Network Realty will retain its naming rights for at least the next five years, which is when the current contract runs out.
Sherrer said retaining that name is important because it has been an identifiable and known entity within the community for 23 years.
“Nothing changes locally,” she said. “It’s still us.”
Brookfield Residential Property Services is a Brookfield Asset Management Inc. affiliate. It provides real estate and relocation services and analytics.
With the acquisition, Brookfield said it becomes the world’s second largest employee relocation services provider and third largest residential real estate franchising business, according to a news release.
“We have now increased the breadth and depth of our service offering, keeping pace with the evolving needs of our clients around the world,” said Graham Badun, Brookfield Residential Property Services CEO.
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