Northwood Realty Services will acquire Berkshire Hathaway HomeServices - The Preferred Realty in an agreement that will create the largest residential real estate brokerage firm in western Pennsylvania and eastern Ohio, company officials said.
The agreement, announced Tuesday night, did not include sale terms of the acquisition.
The new company will keep the Berkshire Hathaway name and will begin operations in August. Once the two companies become one, it will include 1,800 agents and 50 offices serving 22 counties in the region.
It will be the top brokerage firm in the region for sales volume, units and listings. It will also be ranked 20th across the entire realty industry for units listed.
Tom Hosack, president and chief executive officer of Northwood, will serve as the co-president of the new company. Jim Saxon, who works for Berkshire Hathaway, will be the co-president and chief operation officer.
In a news release announcing the sale, Hosack called the acquisition “a wonderful fit for all parties involved.”
“We are both family-run companies that care deeply about the success of our agents and employees,” he said. “We are passionate about helping consumers with their real estate needs and aspirations. Our new brokerage is grounded in a shared philosophy and supported by Berkshire Hathaway HomeServices, one of the fastest-growing brands in real estate.”
Saxon said the timing of the acquisition is ideal, if only because realty markets are “growing and changing” and it’s important for both companies to combine their resources.
“Combined, we will build on our best practices, processes and products and compete in unprecedented ways,” Saxon said in the news release.
Both companies are headquartered in McCandless Township in Allegheny County.