Industry News

NRT buys European real estate brokerage

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Cendant Corp. subsidiary NRT Inc., one of the largest residential real estate brokerages in the United States, today announced it has acquired Sotheby's International Realty Limited in England from Sotheby's Holdings Inc. This marks the first acquisition by NRT in an international market, where the company's two new U.K.-based offices will continue to operate as Sotheby's International Realty. This acquisition was contemplated as part of Cendant's original acquisition of the U.S. operations of Sotheby's International Realty from Sotheby's Holdings Inc. in February 2004. "London is a market with extraordinary potential right now," said Stuart Siegel, president for Sotheby's International Realty Inc., and senior vice president for NRT. "There is enormous international demand for properties yet only a limited supply of them is made available to buyers. With our historical presence in London, and our strong operations in Manhattan, The Hamptons, Connecticut, California, Jackson Hole, W...