Sotheby's signs first U.S. real estate franchisee

Sotheby's International Realty Affiliates has signed its first franchisee in the U.S. French & French Fine Properties, an independent luxury real estate brokerage with four offices in Santa Fe, N.M., has signed a franchise agreement with Sotheby's.

In addition, French & French has acquired the NRT-owned Sotheby's International Realty office in that market. The combined company is now comprised of five offices and 145 sales associates and will operate as French & French Sotheby's International Realty.

French & French has operated as an independent residential real estate company serving Santa Fe and northern New Mexico for more than two decades. 

French & French is owned by Bob McCord, a Scottsdale, Ariz.-based real estate entrepreneur. McCord acquired French & French in April 2004, and it is his company's first holding outside the state of Arizona. Michael French, president of French & French Fine Properties, will continue in a leadership capacity as president of the new firm.

In February 2004, Cendant Corp. added the Sotheby's International Realty name to its family of real estate brands pursuant to a long-term licensing agreement with Sotheby's Holdings. Today, the real estate brand remains connected to the venerable Sotheby's auction house through this strategic alliance. Prior to today's announcement, the Sotheby's International Realty office in Santa Fe was owned by NRT, a subsidiary of Cendant.

"This is a unique opportunity to position our sales associates with French & French, the market leader in sales volume," said Stuart Siegel, SVP of NRT Incorporated and president for Sotheby's International Realty company-owned offices. "I am confident that the combination of these two firms will strengthen their capabilities to better serve the greater Santa Fe market area."

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