Real Estate News

Miami’s Keyes Company to merge with Palm Beach real estate brokerage

Mike Pappas, left, CEO of the Keyes Company, and Francis “Bud” Adams, right, chairman of Illustrated Properties, shake on a deal that will create a South Florida real estate firm with $6 billion in annual revenue.
Mike Pappas, left, CEO of the Keyes Company, and Francis “Bud” Adams, right, chairman of Illustrated Properties, shake on a deal that will create a South Florida real estate firm with $6 billion in annual revenue.

The Keyes Company, one of Miami’s oldest real estate brokerages, will merge with Palm Beach-based Illustrated Properties, the firms announced Wednesday.

The merger will create Florida’s largest, independently owned real estate firm with a combined annual revenue of roughly $6 billion, according to a news release. Founded in 1926, Keyes has more than 35 offices and 2,600 agents in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie and Volusia counties. Illustrated Properties runs 21 offices with more than 500 agents in Palm Beach, Martin, St. Lucie, Volusia and Collier Counties.

The companies will continue to operate under their existing names.

“We are thrilled to align ourselves with another strong, family-owned company that also emphasizes a structure of trust and integrity with its associates,” Keyes CEO Mike Pappas said in a statement. “With the radical changes in technology driving this business, this is a tremendous opportunity to leverage those shared resources. This allows us to provide even more services, support and benefits to our companies and clients.”

Added Illustrated chairman Francis “Bud” Adams Jr: “Our families have known each other for many decades and have always shared a mutual respect. Our philosophies match, as our number one priority is taking care of our agents and customers. Real estate is a personal experience; it’s the relationships that make the difference.”

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