HomeServices of America Inc. is acquiring Chicago-based Prudential Rubloff Properties, and will merge the 860-agent firm with Koenig & Strey Real Living Real Estate to create the second-biggest brokerage in the region.

The company will rebrand next spring and affiliate with Warren Buffett’s new franchise brand, with nearly 1,600 agents doing as Berkshire Hathaway HomeServices KoenigRubloff Realty Group.

Nancy Nagy, president and CEO of Koenig & Strey Real Living, will serve as CEO of the combined companies. Michael Pierson, president and chairman of Prudential Rubloff Properties, will serve as president of the merged firms. Prudential Rubloff Properties CEO Chris Eigel will be the COO of Berkshire Hathaway HomeServices KoenigRubloff.

“Combining Prudential Rubloff with Koenig & Strey represents a new chapter in the history of our great companies and is a game changer in Chicago real estate,” Nagy said in a statement. “I have tremendous respect for both Michael and Chris and look forward to working closely with them as we bring Berkshire Hathaway HomeServices KoenigRubloff Realty Group to the Chicago market.”

With offices throughout the metro Chicago area and a branch office in New Buffalo, Mich., serving Northwest Indiana and Southwest Michigan, Prudential Rubloff Properties tallied up nearly $2.2 billion in sales volume last year. The deal includes Rubloff Insurance and Sterling Title Services LLC, which provide title insurance and escrow services, and property and casualty insurance.

Koenig & Strey Real Living, which HomeServices of America acquired four years ago, is one of the largest brokers in the Chicago-area market. The brokerage’s more than 730 agents and staff had nearly $2 billion in 2012 sales volume.

The merger with Prudential Rubloff and Koenig & Strey will create the second-biggest brokerage by sales volume based on historical data provided by Lisle, Ill.-based multiple listing service MRED, the companies said.

The acquisition gives Minneapolis, Minn.-based HomeServices of America nearly 22,000 real estate professionals operating in 25 states. The company — the majority owner in the Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks — says it is focused on growing by “identifying market-leading companies” with “deep and enduring reputations within their community.”

“Nancy, Michael and Chris are each highly regarded for their leadership skills, their real estate experience, and their unwavering commitment to their agents, employees and buyers and sellers,” said Ron Peltier, chairman and CEO of HomeServices of America, in a statement. “Bringing together the leadership, resources and talent of these two companies uniquely positions them to deliver on their shared mission of providing an exceptional customer experience and creates an outstanding opportunity for introducing Berkshire Hathaway HomeServices to the Chicago market.”

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×