By Ian B. Murphy
Banker & Tradesman Staff Writer

The Boston waterfront and Somerville offices of Coldwell Banker Residential Brokerage are set to close by the end of the month, Banker & Tradesman has learned.

The Boston office’s 24 agents will move to other local offices, including the Back Bay, while Somerville’s 15 agents will move to the company’s Cambridge and Arlington locations. Three administrative positions will be terminated, two in Somerville and one in Boston, according to Roni Boyles, Coldwell Banker’s director of corporate communications.

“We make every effort to find employees other positions in another office,” Boyles said. “We make these moves as easy as we can on all those involved.”

Ken Tutunjian, office manager of Coldwell Banker’s Back Bay offices on Commonwealth Avenue and Newbury Street, confirmed some agents would work out of his offices after the closure.

The waterfront office, located at 113 Lewis Wharf, is scheduled to close Nov. 28. A source in the Somerville office confirmed the branch’s closing would occur “by the end of the month.”

While market conditions did have a hand in the closing, the office consolidation is part of a larger corporate “regionalization” plan, according to Boyles. Advances in technology and the growth of other locations, including Coldwell’s Charlestown office, means the company doesn’t need as many locations.

“It requires less bricks and mortar,” she said. “Having as many open office fronts isn’t the necessity it was 10 years ago.”