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Real Estate Brokers start their own firm

by RRA on March 13, 2013
Real Estate Brokers start their own firm

Ken Wellar and Corey Lonberger have left Marcus & Millichap to form Rittenhouse Realty Advisors, a boutique commercial real estate brokerage and advisory firm that will have offices in Philadelphia, New York and Washington D.C. Benjamin Oller, founder of the Condo Shop is part of the founding Rittenhouse Realty team. Mark A. Duszak, who had been with CBRE Inc. doing multifamily sales, has also joined the fledgling firm.

I finally caught up with Wellar and Lonberger and why they decided to break out on their own. “We’ve been talking about doing this for a long time and we finally pulled the trigger,” said Wellar, who is 32 years old.

Both brokers have been in the commercial real estate business for the last 10 years and formed some pretty solid relationships, giving them the confidence to break our on their own, said Lonberger, who is 34 years old.
While the firm will tackle all types of real estate, it is initially focusing on multifamily and so far has lined up $50 million in listings.

“It has been our bread and butter,” Wellar said about concentrating on apartment sales.

Rittenhouse Realty will take on deals from New York down to Washington D.C. and as far west to Harrisburg. It will also offer property management through a third party entity as part of its business.
One of the ways it plans to differentiate itself is through technology and seek out any competitive advantages it offers perspective buyers and sellers.

Read the full article by Natalie Kostelni, Reporter for the Philadelphia Business Journal