Prudential Connecticut Realty has acquired the 16 corporate-owned offices of New Haven-based The William T. Beazley Co.
Connecticut’s big real estate companies continue to expand as Prudential Connecticut Realty announced last week it has acquired the 16 corporate-owned offices of New Haven-based The William T. Beazley Co.
The acquisition is Prudential Connecticut’s second expansion of the summer. In June it established its presence in Rhode Island after merging with Waterford, R.I.-based Pequot Properties. Pequot had 160 sales associates and offices in Danielson, Mystic, Norwich, Stonington Borough, and Watch Hill, R.I.
Earlier this summer, another of Connecticut’s largest real estate agencies also grew. Coldwell Banker Residential Brokerage added an office in Woodbridge after purchasing a well-known firm, Harriet Cooper Assoc., its first acquisition in Connecticut this year.
The Beazley Co. has served Woodbridge, Orange, Hamden and Bethany.
Prudential Connecticut’s latest expansion will strengthen the company’s presence in and around New Haven, according to Candace Adams, president of Prudential Connecticut Realty.
“It really strengthens and expands our statewide reach,” she said. “It fills some gaps we had in the state.”
The recent spate of acquisitions and expansions allows real estate agencies to increase their selling power, strength and resources, Adams said. Of the 16 offices acquired by Prudential Connecticut, the six former Beazley offices in New Haven, East Haven, Berlin, Colchester, Easthampton and Clinton do not overlap with existing Prudential Connecticut offices. The other 10 do, but all 16 are staying open at this time, according to Adams.
‘A Great Fit’
The new acquisition gives Prudential Connecticut good coverage across the entire state. The company sells homes from Greenwich to Watch Hill, R.I., and from New Haven to Longmeadow, Mass.
The acquisition of Beazley also will allow Prudential Connecticut to share in the acquired firm’s expertise in the Greater New Haven market, and will allow Beazley agents and clients to use the technology offered by Prudential.
“The combination of Prudential Connecticut Realty and these offices of The Beazley Co. is a great fit,” said Peter Helie, chairman and chief executive officer of Prudential Connecticut Realty, in a prepared statement. “Our companies share the same vision and values and the same focus on customer service. With this transaction, we expand our presence in Connecticut from Greenwich to Watch Hill, R.I., and from Longmeadow to Long Wharf, a region in which Beazley has continually maintained top market share.”
Adams echoed those sentiments.
“Our companies are a perfect fit,” she said.
Most of Beazley’s staffers will continue in their current jobs for the time being, and Prudential Connecticut eventually will reposition people throughout the company. Former Beazley President Greg Scott will remain with Prudential Connecticut as a consultant for a period of time, according to Adams.
“I am very familiar with Prudential Connecticut Realty and its management and I am confident that our comparable cultures and commitment to service will be of great benefit to our customers,” Scott said in a prepared statement. “The Beazley teams from our offices will have access to greater resources, a better technology platform, a national referral system, international presence and a robust statewide network to allow them to serve more buyers and sellers.”
The Beazley Co. had more than 400 agents in its 16 corporate-owned offices throughout the state. Beazley was Connecticut’s oldest independent real estate company, with more than $800 million in sales volume in 2004 involving residential, investment, commercial and industrial properties. The offices are undergoing a name change and will all be called Prudential Connecticut.
Several independently owned and operated Beazley affiliate offices were not included in the acquisition. The terms of the transaction were not disclosed.
