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@properties to purchase Christie’s International Real Estate.
Two of the biggest names in residential real estate, @properties and the far larger Christie’s International Real Estate, are joining forces.
The real estate brokerage and tech firm said on Wednesday that it entered a “long-term global brand license agreement” under which Christie’s brokerages and affiliates will be transferred to @properties on Dec. 1. The acquisition will allow the luxury broker to use technology, marketing and support platforms of @properties.
The Christie’s International Real Estate brand will remain, according to Inman, which reported the deal earlier. Its name is coming under the @properties umbrella in a 100-year lease, according to Crain’s. Other terms of the acquisition weren’t disclosed.
“@properties is excited to combine the world’s preeminent luxury real estate brand with the brokerage industry’s best technology, marketing, and operational platform,” said @properties co-CEO Thad Wong.
The acquisition comes one month after Coldwell Banker bought Warburg Realty to Coldwell Banker, a combination that will be rebranded in January as Coldwell Banker Warburg. Just last week, Douglas Elliman said it will spin itself off as a public company from parent Vector Group.
Christie’s, which is associated with the legendary auction house, has about 900 global affiliate offices, all of which will be transferred to @properties. It finished 23rd in last year’s The Real Deal ranking of New York City brokerages by closed sales.
@properties made its own expansion plans clear last year by franchising its brand. The firm was founded in 2010 by Wong and Michael Golden and used in-house tech tools to expand quickly.
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Boston Condos for Sale and Apartment Rentals
@properties to purchase Christie’s International Real Estate.
@properties is continuing its expansion strategy on an international scale, announcing today its plan to purchase Christie’s International Real Estate.
Christie’s said in a press release that the acquisition of approximately 900 affiliate real estate offices will transfer to @properties once the transaction is complete. The acquisition is expected to close on Dec. 1.
The purchase will also include the Christie’s International Real Estate corporate team and all company-owned brokerages. The Christie’s affiliate network spans 48 countries and territories across the globe and has offices in New York City, London, Hong Kong, Los Angeles and Palm Beach, among others. Over the past five years, Christie’s International Real Estate has recorded more than $500 billion in real estate transactions, the company noted.
“@properties is excited to combine the world’s preeminent luxury real estate brand with the brokerage industry’s best technology, marketing and operational platform,” said Thad Wong, co-CEO and co-founder of @properties. “Christie’s International Real Estate will be the only brokerage firm in the world that can offer affiliates, agents and clients a fully integrated tech solution behind 250-plus years of luxury service and experience.”
Christie’s will retain its name following the purchase and “will benefit from @properties’ state-of-the-art technology, marketing and broker-support platforms and be able to provide an unparalleled level of service expected by Christie’s clients worldwide,” according to the press release.
The move will also enable the Chicago-based brokerage to scale its pl@tform™ technology on an international scale.
“@properties is one of the largest U.S. luxury real estate companies by sales volume and a clear leader in the field,” Ben Gore, Christie’s chief operating officer, said in a prepared statement. “We chose to pursue this new direction for Christie’s International Real Estate for two strategic reasons — first, because @properties possesses the unique resources and capabilities to invest in expanding the Christie’s International Real Estate brand and its affiliate network both within the U.S. and on a global scale; and second, because this will enable Christie’s to focus our resources on the core priorities of our business in the art and luxury goods market.”
Boston Condos for Sale and Apartment Rentals
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