CHAMPAIGN – Agents at Coldwell Banker Devonshire Realty were told Wednesday to expect a reorganization of the firm.

"We were told that the company was restructuring, that commercial was breaking off from residential and that (the) residential (division) won't be known as Devonshire any longer," said agent Betty Gauze.

Two other agents speaking on condition of anonymity confirmed that residential division agents in Champaign and Danville were informed that a restructuring is imminent.

Thomas E. Harrington Jr., chief executive officer of the realty firm's parent company, the Devonshire Group, acknowledged there will be changes. But he deferred further comment on the developments until Thursday.

Coldwell Banker Devonshire Realty is one of the largest Coldwell Banker affiliates in the nation, with 26 offices in central Illinois and northeast Florida. More than 600 agents are affiliated with those offices.

The company has offices in several major downstate cities, including Champaign, Urbana, Danville, Peoria, Springfield and Decatur. It also has offices in smaller communities such as Rantoul, Mahomet, Monticello and Arthur.

Harrington was not present at the agent meeting held Wednesday morning at the residential division office on Galen Drive in Champaign. Agents said the news was delivered to them by managing broker Donna Rose and regional managing partner Jeff Finke.

Gauze said she believed most agents were informed Tuesday of Wednesday's meeting, but she had a little more forewarning.

"It's important that the public realize that there's a major restructuring," she said. "Like many other large enterprises, there's a lot of restructuring going on in this economy."

Gauze, who has been in real estate for 42 years, said Champaign-Urbana hasn't experienced a real estate market – or economic conditions – like this during her career. That economic uncertainty is affecting buyers' purchases, she said.

She said clients with listings at Coldwell Banker Devonshire can expect their agents to "move them forward in an appropriate manner."

As for her own team, she said, "Team Gauze is developing a plan for our continuing success."

Gauze said Coldwell Banker Devonshire Realty has "a good core of people and has enjoyed a lot of success."

She said a feeling of unity and compassion came through in Wednesday's meeting.

"It was time for a family of people to show compassion for the situation, even though we were not sure what that situation is," she said.

Another longtime agent, who called the news "devastating," said she began calling clients who had listings with her to let them know of developments. She said agents were encouraged "just to hang in there" until details of the reorganization are made known.

Coldwell Banker Devonshire Realty has long been a major presence in East Central Illinois real estate. The Devonshire Group was formed in 1977, and its residential real estate division was formed in 1982.

Over the years, the Devonshire Group, based in the Devonshire Corporate Tower at 201 W. Springfield Ave., C, has become a multi-faceted company with interests in commercial real estate services, architectural services and engineering services.

Its divisions include Coldwell Banker Commercial Devonshire Realty, Associated Capital Title, ASD Architects, HDC Engineering and HDC Wickersheimer Engineering.