Coldwell Banker Commercial NRT Expanding Its Real Estate Operations in Northern California.

Business Editors

SAN RAMON, Calif.--(BUSINESS WIRE)--July 22, 2002

Coldwell Banker Commercial NRT, the most successful company within the Coldwell Banker Commercial(R) international network, is expanding its commercial real estate brokerage operations in Northern California to better handle the significant business growth the company has experienced within this region during the past two years.

To date, sales volume for Coldwell Banker Commercial NRT has jumped 40 percent over the past year. To handle the growing business, the commercial brokerage has increased its sales force to 150 agents. Additionally, the company hired Tim Steele, a commercial real estate veteran, to head up Coldwell Banker Commercial NRT's local operations.

In a short period of time, Coldwell Banker Commercial NRT has made a name for itself both in the Bay Area and the Sacramento market. Last year, three of the five top-producing Coldwell Banker Commercial(R) real estate agents worldwide hailed from Northern California.

"Coldwell Banker Commercial NRT has built a strong, very competitive commercial real estate operation in Northern California," said John McFarlin, national director of Coldwell Banker Commercial NRT. "We are well positioned to be a market leader in Northern California, taking advantage of one of the world's leading economies in Silicon Valley as well as the extensive Coldwell Banker Commercial(R) network of agents and customers around the world."

Avram Goldman, president of Coldwell Banker Residential Brokerage in Northern California, which is also owned by NRT Incorporated, said the commercial real estate operations are a good complement to the residential business. "We support some of the most sophisticated and high-powered entrepreneurs in the world," he said. "We have long been servicing these business leaders' residential real estate needs, but this expansion of our commercial operations allows us to meet their broader investment needs as well."

Coldwell Banker Commercial NRT recruited Steele, a highly regarded commercial real estate veteran, to help grow the business. Steele, who brings 30 years of experience in sales, leasing, development and broker management, was named Director of Commercial Services in Northern California.

"Coldwell Banker Commercial NRT has a perfect opportunity to leverage the power of its parent company, NRT, and brand affiliation with Coldwell Banker Commercial(R) to serve the needs of the commercial customer -- and do it in the most dynamic market in the world," said Steele.

Coldwell Banker Commercial NRT has focused primarily on smaller commercial, retail, office, industrial and multi-family residential investment properties throughout the greater San Francisco and Sacramento metropolitan areas as well as the Monterey Peninsula.

Steele said these smaller market segments are often underserved by the more established commercial brokerages. Additionally these niche markets have performed better than other more impacted market sectors than one might have expected. Coldwell Banker Commercial NRT also plans to increase its stake in other commercial specialty areas in the future.

Prior to joining Coldwell Banker Northern California, Steele spent eight years as marketing and business development director for two prominent commercial builders. Prior to that, he served nine years as Senior Vice President for Coldwell Banker Commercial.

Although the Coldwell Banker(R) name is far more familiar to homebuyers, the company is no stranger to the commercial real estate market. Coldwell Banker opened for business in San Francisco when founder Colbert Coldwell helped rebuild the city following the devastating earthquake of 1906. Later joined by Benjamin Arthur Banker, the two put in place the building blocks that define the Coldwell Banker brand today: integrity, service and the drive to succeed.

To carry on that tradition of professionalism, new Coldwell Banker Commercial NRT sales associates must participate in an extensive commercial training program before they are allowed to use the commercial designation. In addition to its current team of certified commercial sales associates, the company will continue to recruit other experienced, highly professional commercial sales associates throughout Northern California.

Coldwell Banker Commercial NRT also uses state-of-the-art software. With a variety of informational resources at their disposal, Coldwell Banker Commercial NRT sales associates are able to serve their clients with current online data in the most expedient manner.

About Coldwell Banker Commercial NRT

Coldwell Banker Commercial NRT (www.coldwellbankercommercialnrt.com) is a member of the NRT family of companies. Coldwell Banker Commercial NRT now has more than 700 certified commercial associates with office locations serving segments of 17 states. NRT Incorporated, the nation's leading real estate brokerage company, is a subsidiary of Cendant Corporation (NYSE: CD).