Prudential Real Estate Loses Franchisee in Chicago Area
Prudential Real Estate Affiliates Inc. said Tuesday that it has lost a major Chicago-area franchisee, the 30-office Prudential Burnet Realty.
Larry Romito, executive vice president of Irvine-based Prudential Real Estate, said the company is talking with several “significant firms” about a new alliance in the Chicago area. The company is a subsidiary of Prudential Insurance Co. of America.
Burnet Realty, based in Minneapolis, took over a Chicago brokerage affiliated with Prudential in 1995 and renamed it Prudential Burnet. The entire Burnet operation is being acquired by National Realty Trust Inc., the parent company of Coldwell Banker Residential Brokerage, sources said.
National Realty was set up by HFS Inc., a giant Parsippany, N.J., travel services and real estate company, to buy brokerages and convert them to HFS’ Century 21, ERA and Coldwell Banker brands. In a high-profile deal last September, it bought Jon Douglas Co. of Beverly Hills, which also severed ties with Prudential.
