Real estate powerhouse Anywhere Real Estate is making a play to buy luxury brokerage Douglas Elliman, according to a report.
Anywhere's offer of more than $4 a share was nearly double Elliman's recent share price, but the brokerage isn't likely to accept the deal at that price, Bloomberg reported citing unnamed sources.
Anywhere doesn't comment on "market rumors and speculation," a spokesperson said in an email. Elliman didn't respond to a request to comment.
Anywhere, based in Madison, New Jersey, operates brands including Better Homes and Gardens, Century 21 and Coldwell Banker. Anywhere ranks as the nation's second-largest brokerage with $184 billion in sales volume last year, according to industry tracker RealTrends. Compass is the nation's largest brokerage at $231 billion in sales.
Anywhere, formerly known as Realogy, reported year-end 2024 revenues of $5.7 billion, up from $5.6 billion in 2023.
New York-based Douglas Elliman ranks as the sixth-largest U.S. brokerage with $36.4 billion in sales, the RealTrends data shows. Elliman has struggled in recent years, seeing its market value tumble from more than $900 million in 2021 to less than $260 million as of Tuesday afternoon.
The brokerage reported 2024 revenue of $995.6 million, up from $955.6 million in 2023. For the fourth quarter, it said it narrowed its losses to about $16.3 million, from $23.6 million in the fourth quarter of 2023.
In October, Elliman CEO Howard Lorber retired suddenly, and about six weeks later, federal authorities arrested high-profile Elliman agents Oren Alexander and Tal Alexander, and their brother Alon Alexander, accusing them of sex trafficking.