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Gibson Sotheby’s International Realty has made its second purchase of a well-known brokerage this year, buying Arlington-based Bowes Real Estate for an undisclosed sum.
Bowes, established in 1945, has long dominated Arlington and had a strong presence in nearby communities like Cambridge, Lexington and Winchester. The firm had been part of the Real Living Real Estate franchise network. The deal adds one office to Gibson Sotheby’s 22 spread throughout the Greater Boston and Cape Cod areas, along with 40 agents.
Bob Bowes, owner of Bowes Real Estate said he and his entire leadership team at the brokerage plan to stay on after the transition to Gibson Sotheby’s ownership. Bowes, himself, said he’s signed a three-year contract with GSIR.
“I’ve been here since 1969. And we have dominated this market for decades, but for me the time was right to develop a multi-year exit strategy,” Bowes said. “I never put the business for sale, I was never looking for the highest price. I was looking for the best partner I could find.”
Bowes said GSIR’s internal culture, in-house resources and the reach of its offices made the firm an ideal partner for the acquisition. The deal has been in the works since 2019, when Bowes said he approached Gibson Sotheby’s.
“I wanted someone that had the same core values that I have,” he said. “We’re going to be able to take all the things for the seven-plus decades we’ve done well but with the phenomenal resources that Gibson Sotheby’s brings.”
Bowes said that his agents were briefed Wednesday afternoon on the tools the office will be adopting and “I think their jaws were dropping,” Bowes said.
The ability to help clients relocate within Greater Boston using GSIR’s in-house relocation department was particularly attractive, he said, with the expectation that more homeowners may be looking to retire to Cape Ann or Cape Cod in the coming years.
Gibson Sotheby’s expects to benefit by setting up feeder relationships between its other offices, like its Cambridge outpost, and its new Arlington location, CEO Larry Rideout said.
“Arlington is the perfect urban-suburban market…when you get out into Arlington the accessibility into Boston and Cambridge is just fantastic,” he said.
The deal is Gibson Sotheby’s second acquisition this year, having secured a major presence in the MetroWest area after buying Benoit Mizner Simon in January.
