Engel & Völkers is expanding to West Palm Beach, marking its fifth office in Palm Beach County.
The brokerage’s latest outpost will be led by license partners Enrique Vicente Urdaneta Alamo and José Antonio Oliveros Febres Cordero, both of whom have strong connections to Latin markets, according to a press release. They will work alongside managing broker Veronica Zorzi and agent Diema Diaz, the release shows. They will be working in a temporary office at suite 350 at 515 North Flagler Drive in West Palm Beach, Engel & Völkers Florida CEO Peter Giese confirmed.
To Giese, the expansion is an obvious next step.
“Since Covid, Palm Beach County has been our most profitable [market],” he said. Engel & Völkers already has offices in Jupiter, Wellington, Boca Raton and Delray Beach. Giese said he saw West Palm Beach as a gap in their coverage for luxury clients.
Oliveros is the former director and chairman of the board of Activo Bank in Puerto Rico, now known as TBB International Bank. TBB is suing Oliveros in the U.S. District Court of Puerto Rico, alleging he orchestrated a fraud scheme that cost the bank more than $29 million, court filings show. The suit was filed in 2023 and litigation is ongoing. Engel & Völkers declined to comment on the lawsuit.
Urdaneta joins the brokerage from eXp Realty, where he was an agent in Boca Raton for three years, according to his LinkedIn. He is also a yacht broker with interglobal Yacht Sales, and advises foreign business owners on starting businesses in the U.S. He markets himself as an adviser to Latin American investors and families, according to LinkedIn.
Together, they will head an office in a market with growing competition. A number of brokerages and teams have expanded to Palm Beach and West Palm Beach in recent years, including Serhant and Cervera Real Estate.
Engel & Völkers’ growth efforts extend beyond Palm Beach County. In June, the firm announced new offices in Miami’s South of Fifth neighborhood and its plans to reopen in Coconut Grove. Last year, it opened in Pompano Beach. Giese said following the Compass-Anywhere Real Estate merger news, it was a good time to be a growing boutique brokerage.
“We’ve had individuals really engage with us more,” he said of agent recruitment efforts. “People are talking about boutique being popular, and we’re already there.”
