Prudential Preferred Properties and Rubloff today announced the merger of Rubloff Residential Properties with Prudential Preferred Properties.
The combined company will operate as Prudential Rubloff Properties, an independently owned and operated firm with 17 offices and nearly 900 sales professionals and staff, said the companies in a joint press release. The two firms closed more than $2 billion in real estate sales in 2008.
The merger joins two firms whose roots trace back nearly 80 years. Principals Chris Eigel and Michael Pierson, longtime veterans of Chicagoland real estate, will lead the new company as chief executive officer and president/chairman. Rubloff principals Howard Weinstein and Tom Horwich complete the Prudential Rubloff leadership team and will continue with the firm focusing on future growth in the metropolitan market.
“Rubloff is a revered Chicagoland company – part of Chicago‘s cultural fabric for philanthropy, civic development and distinguished real estate services,” said Mr. Pierson in a prepared statement. “Of course, Prudential is recognized globally for strength, integrity and innovation since 1875.”
Mr. Weinstein, who with Mr. Horwich acquired Rubloff Residential Properties in 1996, said the company’s strong, local ownership will respond quickly to Chicagoland market opportunities and challenges. “Both firms have similar business philosophies, market segments and corporate cultures, making the union an ideal fit,” he said.
Prudential Rubloff will use the Rubloff.com website, integrating technology and online tools from both organizations.