The Boca Raton-based Lang Realty announced this week its acquisition of the Manalapan office of Reback Realty as part of its expansion into northern Palm Beach County.
With established offices in Palm Beach Gardens and West Palm Beach, Lang also opened a Jupiter location in March and is looking to add more Realtors to its already 360-agent force.
“My ambitions are to recruit every income-producing, ethical agent in the area,” said Lang Realty President Scott Agran in a May interview with The Palm Beach Post. “I think this is just an evolution that makes the most sense.”
Lang is a leader in south Palm Beach County with $157.5 million worth of sales between the beginning of the year and March 31 in Boca Raton, Delray Beach and Highland Beach, according to Bill Hall, director of business development for Lang. Coldwell Banker had $87.7 million in sales during the same time period, with the Corcoran Group pulling in $69.7 million.
Lang will continue its competition with Coldwell Banker in northern Palm Beach County, but also go head-to-head with the powerful Illustrated Properties.
“We’ve never devoted our resources and energies into the northern part of the county because we were so busy putting the pieces together down here,” Agran said about the Boca Raton area. Agran opened Lang Realty in 1989 with three agents.
Agran said he doesn’t believe there is any room for the firm to grow in Boca Raton. Last summer, Lang opened an office in Delray Beach that quickly attracted 60 agents.
The firm’s new Manalapan office is located in the Plaza Del Mar shopping center across the street from the Ritz Carlton Hotel, which is to be renamed at midnight Sunday the Eau Palm Beach Resort & Spa as new management takes over. Another new Lang office is expected to open soon in Boynton Beach.
Sheri Reback, who founded Reback Realty with her husband Paul in 1980, said the deal with Lang is covered by a confidentiality agreement and that she can’t disclose the sale price of the Manalapan office.
In a press release, Reback said the firm will concentrate its efforts on serving Palm Beach and Lost Tree Village in North Palm Beach, where the company has “had tremendous success for over 38 years.”