Dilbeck Real Estate is now part of global luxury real estate brand Engel & Völkers, based in Hamburg, Germany.
The two companies announced a partnership this week that has rebranded Dilbeck Real Estate under the Engel & Völkers name.
Dilbeck Real Estate was launched in Pasadena in the 1950’s by Ray Dilbeck, father of current President and CEO Mark Dilbeck.
In addition to its main office in Pasadena, Dilbeck Real Estate has offices in San Marino, La Cañada Flintridge, Glendale, Burbank, Camarillo, Encino, Santa Clarita and Westlake Village.
The company achieved $1.3 billion in annual sales under Mark Dilbeck’s leadership; he is the company’s second-generation majority owner and has run the business since 1998, according to the company.
Dilbeck Real Estate operates nine offices and has over 400 professionals in Los Angeles and Ventura counties. As a result of the merger, Engel & Völkers will now have a total of 15 locations in the greater Los Angeles area.
“I’m excited that my heart and mind tell me that we have found a partner that makes us stronger and more vibrant for years to come,” Dilbeck said.
“The tools and resources that Engel & Völkers provides will help our advisors secure more listings and advance professionally, and nothing excites me more than knowing that we’ve found a partner that shares similar values.”
Dilbeck will reportedly retain partial ownership and oversee the daily operations, while Paul Benson, a license partner of Engel & Völkers, will acquire a stake in the new business, according to multiple media sources.
Engel & Völkers has more than 40 locations across seven states in the U.S.
A joint statement said the partnership aims to leverage both companies’ expertise, reputation, and network to provide high-quality service to clients in the luxury real estate market.
“For Engel & Völkers, growth doesn’t come at any cost,” Anthony Hitt, Engel & Völkers Americas President and CEO, said. “This is an exciting move in California. Paul and Mark working together is certainly just the beginning of many great things to come.”
Benson said he is honored to welcome the Dilbeck Real Estate team to the Engel & Völkers network.
“Their organizational expertise and passion for real estate align with our own commitment to excellence,” he added. “We share a vision for the future that combines growth with people, and are deeply committed to doing what is right for both our clients and advisors through a focus on collaboration, collegiality and support via all the systems, tools, coaching, training and marketing needed to be successful.”