Bellevue-based real estate brokerage Coldwell Banker Bain has been sold to US RES Holdco LLC, according to a report by The Business Journal.
Headquartered in Overland Park, Kansas, US RES Holdco is affiliated with Stewart Title Co., a Stewart Information Services subsidiary.
Coldwell Banker Bain’s owner and chairman Bill Riss sold his interest in the company after nearly 40 years of employment there.
Bill Bain launched William A. Bain Associates in 1972 and hired Riss to manage the Bellevue office 10 years later. Bain slowly handed over senior leadership to Riss, who ultimately purchased the brokerage and joined the Coldwell Banker system as an independently owned and operated franchise in 1993.
According to Coldwell Banker Bain CEO Mike Grady, it was time to begin thinking about the company’s future. “Neither of us are going to live forever,” Grady said in The Business Journal report.
The sale gives Coldwell Banker Bain “more resources and capital to expand and increase its competitive position in an ever-changing real estate industry,” according to the report. Operations at the company’s 36 offices in Washington and Oregon will remain the same.
“(US RES Holdco) want(s) us to be us. They’re not buying Bill’s interest to change Coldwell Banker Bain. They’re buying Bill’s interest to help Coldwell Banker Bain become the most powerful real estate company that it can become,” Grady said in The Business Journal report. He noted that Stewart Title will be an “absentee owner” and will provide the company with vital resources.