Founded in 1995 by Emmet J. "Skip" Cashin III, Cashin Company has 270 real estate agents in seven offices in San Mateo County and accounted for more than $1 billion in sales volume in the last 12 months, said Coldwell Banker spokesman Steve Maita.
Cashin offices will now operate under the Coldwell Banker Residential Brokerage name, he said.
Cashin, which is owned by Skip Cashin and his partner Chuck Alloo, is headquartered in Menlo Park and has offices in Menlo Park, Portola Valley and Woodside. Coldwell Banker, whose Bay Area operation is headquartered in San Ramon, has offices in Menlo Park and Woodside.
Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area, announced the acquisition to Cashin staff, agents and managers at the Sharon Heights Country Club in Menlo Park.
For Cashin, the benefits are the "added technology and tools and vast network of Coldwell banker agents," said Mr. Turley in an interview. "For Coldwell Banker, we're going to enjoy the distinction of the wonderful clientele (Cashin has) built up over the years."
Mr. Turley also noted Coldwell Banker's name recognition around the world, which is critical to the Silicon Valley market. A prospective client in China, for example, might not know to search for Cashin.
There are no immediate plans to close offices or lay off people, "but it would be silly to say we are not evaluating" duplications and possible synergies, he said.
With this acquisition, Coldwell Banker Residential Brokerage has 60 offices in the Bay Area with 3,500 sales associates who accounted for more than $11 billion in sales last year, Mr. Maita said.
Cashin Company is "a perfect fit with Coldwell Banker in terms of our respective cultures, our core values and our strength in the local marketplace, especially in the luxury market," Mr. Turley said in a press release. "During this economic climate and challenging real estate market, it's more important than ever to be the clear industry leader."
Mr. Cashin said in a press release that his firm had many suitors in recent years, but decided that Coldwell Banker Residential Brokerage was the right choice in terms of the scale and scope of the company, agent support, technological tools, networking opportunities, and cultural fit.
Mr. Cashin will not have a "leadership role, but will certainly be consulting for us," Mr. Turley said in the interview.
Chuck Alloo, who has served as chief operating officer and co-founded the firm with Mr. Cashin, will continue in a senior management role, Coldwell Banker said.
Cashin is the latest in a list of acquisitions of Northern California brokerages by Coldwell Banker. Others include Fox & Carskadon, TRI, Contempo, Del Monte Realty, Cornish & Carey Residential Real Estate, Grubb & Ellis, and Pacific Preferred Properties Inc.
The acquisitions have helped Coldwell Banker build its position in the luxury market in Northern California, the company said. Year to date, the company accounted for the sale of more than one out of four properties priced above $3 million and one out of three properties above $5 million in the Bay Area, according to MLS Listings, the company said.