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, Wyo., and Florida, the U.K. was the next logical step toward expanding our presence internationally.”
Charles Smith, formerly deputy director for Sotheby’s International Realty Limited in London, has been named director for Sotheby’s International Realty Inc.’s existing operations in the United Kingdom. He will oversee the company’s operation in central London, as well as the country house division, which caters to fine properties outside of the city.
Situated on one of the most prominent retail corners in central London, Sotheby’s International Realty’s offices will remain at 26a Conduit St. on the ground floor of Sotheby’s U.K. auction headquarters, and Summers Place in Billingshurst, Sussex, England.
NRT has more than 950 offices and 58,000 sales associates operating in more than 30 of the nation’s largest metropolitan markets. In 2003, NRT posted a real estate industry record of $167 billion in closed sales volume.
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