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NRT INCORPORATED ACQUIRES O'CONOR, PIPER & FLYNN, REALTORS®
"OPF" joins NRT'S ERA® operations and is new leader in 2,600 office ERA system Associates and clients to benefit from deep resources of NRT
TIMONIUM, MD (February 24, 1998) – NRT Incorporated announced today the acquisition of O'Conor, Piper & Flynn ("OPF"), REALTORS®, the leading, locally owned and operated real estate firm in the Maryland area and one of the nation's most highly respected real estate brokerages. O'Conor, Piper & Flynn's 51 offices and over 1,800 sales associates posted a 1997 gross transaction volume of $2.8 billion. The brokerage, which will now do business as "O'Conor, Piper & Flynn-ERA," immediately becomes the largest brokerage within ERA's 2,600 international franchise system. NRT, the leading owner of residential real estate offices in the country, has acquired numerous prominent regional brokerages over the past year, including: Burnet Realty in Minneapolis and Chicago; Burgdorff Realtors and Murphy Realty in New Jersey; Jon Douglas Company, Cornish & Carey, and Contempo Realty in California; Gimelstob Realty in Florida; and West Shell Realtors in Cincinnati. "O'Conor, Piper & Flynn is not only a regional leader, but one of the most highly respected brokerages in the country," said Robert M. Becker, president and chief executive officer of Parsippany, NJ-based NRT Incorporated. "We are thrilled to bring this outstanding organization and its leadership into our family of leading brokerages. I am confident that this change will only raise the level of service which the OPF's associates and clients have come to expect." The announcement marks NRT's entry into the Maryland-area market, where it will immediately enjoy OPF's number one market share position in the Baltimore metropolitan market and leading presence in Delaware, Pennsylvania and West Virginia. Together with its Burgdorff-ERA operations in New Jersey, NRT now owns and operates 81 ERA offices throughout the Mid-Atlantic region, in addition to over 450 other offices throughout the country. The company's executive and corporate staff, sales associates and offices throughout the region will remain intact. "This company has always been committed to serving our local marketplace," said James P. O'Conor, who has been named president and COO of O'Conor, Piper & Flynn-ERA. "The strategic alliance that we have forged with ERA further strengthens the commitment we have made to our clients. Not only will our agents continue to offer local expertise, they now have a national network to deliver new tools and buyers to our region." Founded in 1984 by James P. O'Conor, James Piper III, Ramsey W.J. Flynn and John G. Evans, OPF specializes in residential, commercial/industrial and investment real estate; shore rentals and sales; and title, insurance and mortgage services. The company's 51 offices serve consumers in Marlyand, Delaware, Pennsylvania, and West Virginia with a concentration in the Greater Baltimore area. The four founders, who were recently honored as the 1997 Businessmen of the Year by the Baltimore County Chamber of Commerce, will all remain in executive positions with the company. "This announcement is great news for both the associates and clients of OPF, and for the entire ERA company," said Peter Burgdorff, President and COO of ERA Franchise Systems. "We can offer OPF powerful national advertising and technology – and an international network of affiliated offices – while all of ERA will benefit from the addition of such a highly regarded company." Together with other independently franchised offices in the region, there are now 71 ERA offices throughout Maryland, six in Delaware, and 72 in Pennsylvania. O'Conor, Piper & Flynn-ERA is now an NRT-franchised brokerage of ERA Franchise Systems, which includes 2,600 offices and more than 28,000 sales associates located in 16 countries. NRT Incorporated, the parent company of O'Conor, Piper & Flynn-ERA, is a leading owner of residential real estate brokerages with over 550 offices and more than 23,000 sales associates throughout the United States. ERA Franchise Systems LLC, a subsidiary of Cendant Corporation (NYSE: CD), is a leader in the residential real estate industry with over 25 years experience in developing consumer-oriented products and services. The ERA Real Estate network includes more than 2,600 independently owned and operated brokerage offices with more than 27,000 brokers and sales associates throughout the United States and 16 other countries. ERA is available to consumers on the Internet at www.ERA.com.
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