NEW YORK, Aug. 1, 2017 /PRNewswire/ -- Douglas Elliman, the nation's fourth largest residential real estate brokerage company, announced today that it has entered into a contract of sale to acquire Los Angeles-based Teles Properties. Upon closing, the operations of Teles will be under the umbrella of Douglas Elliman, making Elliman the second largest non-franchise brokerage firm in the State of California. Teles partners Peter Loewy, Sharran Srivatsaa, Peter Hernandez and Evan Ageloff will continue to have integral roles within Douglas Elliman, Western Region. Completion of the transaction, which is subject to customary closing conditions, is expected to take place during the second week of August 2017. Once closed, Douglas Elliman will span 21 offices with 630 sales associates in California, from Coronado to Carmel; and 58 sales associates and five offices in Colorado. The acquisition will also add a Boulder location to Douglas Elliman's Colorado brokerage which already operates in four locations in Aspen and Snowmass Village. In 2016, the combined organization accounted for more than $27.4 billion in total closed sales volume nationwide. Across the United States, Douglas Elliman will boast 110 offices and more than 7,000 agents. "Our search for an exceptional company that offered unrivaled technology and marketing platforms, whose agents mirrored the entrepreneurial spirit of Douglas Elliman, led us straight to Teles Properties," said Howard M. Lorber, chairman of Douglas Elliman Realty, LLC. "For almost a decade, buyers and sellers in California and Colorado have trusted Teles with one of their most valuable assets and important life decisions. Teles' well-known reputation as a major driving force for the past 10 years, combined with Peter Loewy, Peter Hernandez, Sharran Srivatsaa and Evan Ageloff's leadership experience, make this an ideal union."