Sotheby’s International Realty Affiliates Inc., a subsidiary of Cendant Corp., today announced that it has entered into a franchise agreement with Stamford, Conn.-based William Pitt Real Estate LLC.
William Pitt Real Estate’s 24 offices will now become part of the Sotheby’s International Realty network of luxury real estate firms under two ownership structures.
Twenty-one offices will remain independently owned by L. Casey Jones and Paul E. Breunich and will now do business as William Pitt Sotheby’s International Realty. Sotheby’s International Realty Inc., the brokerage operation owned by NRT Inc., which is also a Cendant subsidiary, has acquired three offices of William Pitt Real Estate in Greenwich, Old Greenwich and Marbledale, Conn. These three offices will now operate as Sotheby’s International Realty.
William Pitt Real Estate was founded in 1949 as a one-person real estate company in Stamford, Conn. Breunich and Jones, who assumed control of the privately held and operated William Pitt Real Estate in 2001, will now operate their firm as William Pitt Sotheby’s International Realty. The company’s 21 offices are comprised of approximately 500 sales associates.
Sotheby’s International Realty Inc., the NRT-owned residential real estate brokerage operations, has one existing office in Greenwich and two offices in Litchfield County, Conn. With the addition of the three William Pitt offices, Sotheby’s International Realty Inc. has six offices and approximately 180 sales associates in Connecticut. In Litchfield County, the company has tripled its market presence since opening its first office there in 2002.
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