Coldwell Banker in Summit and Wasatch counties is no more.
Summit Sotheby’s International Realty purchased the Park Avenue, Main Street and Heber offices this week for an undisclosed amount.
Bruce Shannon, a broker for Summit Sotheby’s, said they will be moving into the Park Avenue office and closing the Main Street location because his firm already has an office on Main.
Shannon explained that the Coldwell Banker building on Park Avenue is a highly coveted space because of its visibility.
“Summit Sotheby’s is able to position itself in more marquee locations. This building is a marquee location and it really is,” he said.
The purchase included all of Coldwell Banker’s listings, current contracts, agents, leases, furniture, fixtures and equipment. All Coldwell Banker signs in the area are in the process of being changed.
Shannon said meetings with Coldwell’s agents and staff are ongoing and especially sensitive because of the economic environment.
Office employees will be retained or reassigned as needed; agents are independent contractors so both the brokerage and the agents will be in negotiations about their futures, he explained.
He said communication with homeowners and other clients about the change is a top priority.
“The role of an agency is to work for the clients. That’s the main focus to satisfy client needs. Our main priority is to notify clients,” he said.
This acquisition is in line with Summit Sotheby’s role as “the nation’s leading luxury brand brokerage,” Shannon said. It fits in with that brand expectation in Summit and Wasatch, he added.
“It was an opportunity to have fine Coldwell Banker agents and excellent locations and places us in an ideal position for the future. To do this in this environment is an opportunity,” he explained.
Coldwell Banker issued a press release on Wednesday explaining the sale:
“This is a good strategic move for Coldwell Banker,” said Dan Christensen, president of Coldwell Banker Residential Brokerage in Utah. “The Park City and Heber offices were important branches for us, but this move will allow us to better focus our resources on our core market, which is the greater Wasatch Front.”
The acquisition was final and transfers effective Wednesday, explained Stephen Maita, spokesperson for the company. Coming back into the area at some future point is not out of the question, he said.