Christie’s International Real Estate, the luxury real estate subsidiary of Christie’s, is slated for new ownership.
Both companies announced on Nov. 17 that Chicago-based @properties will acquire the real estate brokerage out of New York in the coming month as part of a “long-term global brand license agreement.”
“@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 Thad Wong, co-CEO and co-founder of @properties, in a statement. “Christie’s International Real Estate will be the only brokerage firm in the world that can offer affiliates, agents and clients a fully integrated tech solution behind 250-plus years of luxury service and experience.”
The deal is expected to close on Dec. 1 as @properties plans to build on the success of Christie’s International Real Estate and “position it for accelerated growth.”
Christie’s chief operating officer, Ben Gore, indicated that the company chose to pursue a new direction for the real estate arm for two strategic reasons.
“First, because @properties possesses the unique resources and capabilities to invest in expanding the Christie’s International Real Estate brand and its affiliate network both within the U.S. and on a global scale; and second, because this will enable Christie’s to focus our resources on the core priorities of our business in the art and luxury goods market,” Gore said in a statement.
According to the announcement, the deal will produce one of the largest residential brokerage firms in the United States while allowing further expansion across other global markets. The move will also allow @properties to expand its technology on a global scale as it supports Christie’s International Real Estate’s clients, agents and affiliates.
Under the terms of the agreement, Christie’s existing global network of approximately 900 affiliate real estate offices will transfer to @properties along with Christie’s International Real Estate corporate team members and company-owned brokerage operations.
Christie’s International Real Estate has been in operation for more than three decades and has recorded about $500 billion in real estate transactions across its affiliated brokerages in the last five years.
Established in 2000, @properties and its affiliated companies, Ansley Real Estate and Nest Realty, have more than 4,000 agents in 75 offices in 13 states.
Despite the change in ownership, Christie’s International Real Estate will maintain its name. Centerview Partners LLC serves as the exclusive financial advisor to Christie’s throughout the deal, while Allen & Overy LLP serves as legal counsel. Gibson, Dunn & Crutcher LLP, and Lathrop GPM LLP are representing @properties.
This is a developing story.
Jordan Grice is RISMedia’s associate online editor. Email him your real estate news ideas to jgrice@rismedia.com.
