Century 21 to Move Headquarters From Irvine to New Jersey : Real estate: Decision, part of restructuring after brokerage’s sale, is another blow to Orange County’s image, analysts say.

Century 21 Real Estate Corp., a giant national franchise brokerage founded by two Orange County realtors 24 years ago, will move its headquarters from here to New Jersey as part of a massive restructuring, the company’s new owners said Tuesday.

The loss of such a prestigious firm--though affecting fewer than 200 jobs--will further weaken the image of Orange County and is a setback to Southern California’s efforts to retain businesses, analysts said.

“It’s a shame. It’s a blow when a visible company leaves town, no doubt about it,” said Tim Cooley, president of Partnership 2010, an Irvine-based economic development group. “Forget about the number of jobs. It’s like losing Taco Bell,” another high-profile Orange County company that once threatened to leave, he said.

It was unclear Tuesday how many of the 163 workers in the company’s office tower headquarters in Irvine would be asked to relocate to New Jersey or be given jobs at other divisions, officials said.

Real estate brokers who work at any of the company’s 6,000 franchises will not be affected by the move, which is expected to be completed by March, officials said.

The move follows the acquisition of Century 21 by Hospitality Franchise Systems of Parsippany, N.J., in early June.

“We are committed to transforming Century 21 from a sleeping giant to one of the most entrepreneurial companies anywhere,” said new Chairman John Snodgrass, who told teary-eyed workers of the move Tuesday morning. “The move is part of a consolidation strategy--it is not a reflection of the employees here in Irvine.”

Century 21 was founded in 1971 in Santa Ana by brokers Marsh Fisher and Art Bartlett, who, with $6,000, hired a part-time bookkeeper and set up a small office on Broadway.

The company grew quickly and by the end of its first year had 17 offices in Southern California with the Century 21 name.

“It was started on a shoestring,” said Fisher, now 69 and founder of a computer company in Irvine. “Orange County was a natural spot for Century 21--the real estate business here was excellent.”

The brokerage, now one of the world’s largest, has had various owners since its founding. It went public in October, 1977, on the Nasdaq market but merged in 1979 with TransWorld Corp. a New York-based food and lodging chain. The company reported revenue of $130 million last year.

Hospitality bought Century 21 from Metropolitan Life Insurance Co. of New York for $200 million in cash and stock in early June and later sold a 12.5% stake to its new chief executive, MTV founder Robert W. Pittman, and two associates.

Century 21, whose employees are known for their trademark gold jackets, has more than 60,000 agents in franchises throughout the world, including France, Ireland and Japan.

Snodgrass said about 30 workers have expressed interest in leaving California.

Officials at other Southern California real estate firms said they may add Century 21 workers to their payrolls.