Wednesday, September 9, 2009
Prudential RUBLOFF..next gen. of Real Estate Firms
Market Leaders Unite to Form Prudential Rubloff Properties
Prudential Preferred Properties and Rubloff today announced the merger of Rubloff Residential Properties with Prudential Preferred Properties.
The combined company will operate as Prudential Rubloff Properties, an independently owned and operated firm with 17 offices and nearly 900 sales professionals and staff. Prudential Rubloff has a formidable presence in Chicago’s high-end markets of Cook and Lake counties, and in Michigan’s exclusive Harbor Country. The two firms closed more than $2 billion in real estate sales in 2008; both outpace any major brokerage in Cook and Lake counties for highest average list and sales price.
The merger bonds two of Chicago’s most respected firms whose distinguished roots trace back nearly 80 years. Principals Chris Eigel and Michael Pierson, longtime veterans of Chicagoland real estate, will lead the new company as chief executive officer and president/chairman. Rubloff principals Howard Weinstein and Tom Horwich complete the Prudential Rubloff leadership team and will continue with the firm focusing on future growth in the metropolitan market.
“Rubloff is a revered Chicagoland company – part of Chicago’s cultural fabric for philanthropy, civic development and distinguished real estate services,” said Pierson. “Of course, Prudential is recognized globally for strength, integrity and innovation since 1875.”
Weinstein, who with Horwich acquired Rubloff Residential Properties in 1996, said the company’s strong, local ownership will respond quickly to Chicagoland market opportunities and challenges. “Both firms have similar business philosophies, market segments and corporate cultures, making the union an ideal fit,” he explained. “Rubloff’s nearly 80-year history of excellence continues, as the firm expands onto Chicago’s coveted North Shore to fulfill one of founder Arthur Rubloff’s dreams.”
Added Horwich: “Prudential Rubloff changes the landscape of Chicagoland real estate. The company is now a powerhouse of agent and client services that establishes a new level of service throughout Chicagoland.”
As real estate technology leaders, the merging companies bring to the union a full array of online resources and proprietary lead-generation tools. Both companies are known for their technology and marketing innovation. Prudential Rubloff will use the award-winning Rubloff.com website, integrating technology and online tools from both organizations.
“Together the two firms will boast Chicagoland’s finest team of sales professionals and managers,” said Eigel. “When other real estate companies are cutting back, Prudential Rubloff is doubling efforts.”
Earl Lee, president of Prudential Real Estate and Relocation Services, added: “Two fine organizations join forces and instantly jump to the forefront of Chicagoland real estate. We are ecstatic to broaden our brand in these key markets as Prudential Rubloff.”
Prudential Real Estate and Relocation Services, Inc. is Prudential’s integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated.
Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential.
Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estate’s Online Seller AdvantageSM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with approximately 1,940 franchise offices and 62,000 sales professionals in the franchise Network as of June 30, 2009.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $580 billion of assets under management as of June 30, 2009, has operations in the United States, Asia, Europe, and Latin America.
Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The Company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.