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.
Chicago-based @properties is among the fastest-growing brokerages in the nation, accounting for 75 offices in 13 states prior to the Christie’s acquisition, Crain’s reported. The brokerage had $16.4 billion in sales volume in 2020, compared with $500 billion in the past five years for Christie’s.
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 2000 by Wong and Michael Golden and used in-house tech tools to expand quickly.