Berkshire Hathaway and Warren Buffett have recently acquired one of the best known and biggest names in real estate in Lehigh Valley.
Prudential Patt White, based out of Coopersburg, is an affiliate of Prudential Fox & Roach based out of Philadelphia, and they were purchased by HomeServices of America Inc. on Thursday, a division of Berkshire Hathaway. Berkshire also purchased The Trident Group, part of Prudential Fox & Roach’s mortgage division.
Beginning in the fall, the name Prudential Patt White will change to HomeServices Fox & Roach, we learned from Brad Patt, who is the regional manager and senior vice president for Patt White. For the next year, the company’s business signs will also say “formerly Patt White,” said Brad Patt.
The company has a rich 60 year history in the Lehigh Valley, and they are actually the largest residential realtor in the area. The new affiliation with HomeServices will expand employee and customer opportunities by allowing them to access larger resources with the company and a broader reach demographically.
“We are very proud to be part of HomeServices of America and we are joining an organization that is in alignment with our high service and integrity,” said Patt.
In 2012, agents of HomeServices facilitated $53 billion in real estate sales residentially. This took place while operating in 21 states.
Patt tells us that the company has plans for a year-long campaign that will communicate the main change and let its customers know what’s going on.
In the three state region surrounding Philadelphia, the company Prudential Fox & Roach has 62 offices and over 4000 sales associates. The acquisition by HomeServices gives the company based out of Minneapolis a presence in the Mid-Atlantic.
Prudential Fox & Roach CEO Larry Flick is going to continue running the day-to-day operations of the company along with Gerry Griesser, who is the current president of The Trident Group and Joan Docktor, Prudential Fox & Roach president, along with their leadership teams.