Fox & Roach Realtors and The Trident Group of Devon PA, the area’s largest real estate and financial services companies, announced today that it has acquired the assets of Prudential Preferred Properties and affiliates Preferred Mortgage and Quaker Abstract, another large area firm, increasing its size to the fifth largest real estate services company in the United States. Additionally, Fox & Roach has joined The Prudential Real Estate Affiliates Network, becoming one of its largest members and changing their name to Prudential Fox & Roach Realtors.

This growth enhances Fox & Roach’s dominant position in the Greater Delaware Valley market creating a real estate brokerage and financial services giant that in 1999 is projected to generate more than $10 billion in total sales volume. $6.7 billion will come from the sale of more than 30,000 homes with an additional $3.3 billion from the generation of more than 22,000 mortgages, title insurance and homeowner’s insurance policies.

Lawrence F. Flick IV, President and Chief Executive Officer of Prudential Fox & Roach sees this addition to the company as a final step in the fulfillment of a dream. Flick commented, Prudential Preferred Properties has been a very strong competitor in the Greater Delaware Valley throughout the decade, growing to become a major force in the marketplace and we are thrilled to welcome everyone from that organization to our family of companies.

Prudential Preferred Properties, headquartered in Center City Philadelphia, was owned by Chairman & CEO Craig J. Millard and has 36 offices in Suburban Philadelphia, South Jersey and New Castle County Delaware, staffed by 1600 Sales Associates. Immediately after the deal was finalized Millard said, It has been a wonderful experience working together with all of our Sales Associates and employees to build our dynamic organization and I’m delighted they will now be part of Prudential Fox & Roach and dominate the marketplace for the years to come.

Looking to the future Flick said, With one action we have solidified our dominance in the market and allied ourselves with one of the most famous and trusted brands in America. Couple with Fox & Roach’s history, this is an unbeatable combination that will benefit our clients and customers as well as our Sales Associates and employees.

John Van Der Wall, President of Prudential Real Estate Affiliates Inc., said, Fox & Roach is one of America’s great real estate companies and we are proud to have them as a significant part of our international real estate network. Together we will move into the next millennium on the cutting edge of this industry.

Just over one year ago on December 8, 1997 Fox & Roach/Trident was created by the merger of the Delaware Valley’s last remaining locally owned and operated brokerage and financial services firms : Fox & Lazo, founded in 1886 and Roach Wheeler, founded in 1922. Since then several area brokerage firms have joined Fox & Roach notably in Center City Philadelphia and Margate New Jersey.

Prudential Fox & Roach Realtors and The Trident Group are headquartered at 431 West Lancaster Ave, Devon, Pa with regional offices in Haddonfield, NJ. With the addition of Prudential Preferred Properties the real estate company now has 76 sales locations in the Tri state area staffed by 3500 Sales Associates and 615 employees.