NEW YORK, Aug. 20, 2019 /PRNewswire/ -- Douglas Elliman, the nation's second largest independent residential real estate brokerage company by sales volume, announced today that it has entered into a joint venture with Houston based real estate marketing and sales company, Sudhoff Companies. As of today, operations for Sudhoff will be under the umbrella of Douglas Elliman, giving Elliman 85 percent market share in Houston's new development market for condominiums. Under the joint venture, Douglas Elliman will represent approximately $500 million in current new development with $1.4 billion in the pipeline coming to market over the next 12 months. Current projects on the market include Giorgetti Houston, The River Oaks, The Sophie, and The Revere, as well as Houston's newest luxury condominium, The Hawthorne.
"Like Los Angeles, Houston is experiencing a vertical living phenomenon, and because many of our clients in Colorado, California and Florida hail from Houston, we felt the time was right for a strategic move to Texas," said Howard M. Lorber, executive chairman of Douglas Elliman Realty, LLC. "It was important to find a company whose integrated approach to real estate development mirrored that of Douglas Elliman, and we have found a true partner in Sudhoff Companies."
Since 2010, Sudhoff Companies has provided an unmatched level of experience to its clients, from financing and pre-development planning, to design and architecture. They consistently sell nearly 100 percent of their new construction condominium inventory prior to completion and boast a track record for providing their clients with a sales strategy that results in a faster sales pace, while increasing their developer client's profitability.
Sudhoff partners Jacob Sudhoff and Catherine Lee will continue to have integral roles within the newly formed Douglas Elliman, Texas.
With this new venture, Douglas Elliman will span 120 offices with over 7,000 sales associates throughout the United States. In 2018, Sudhoff sold over $493 million in sales volume, which was the highest sales volume for new construction homes in the Houston area. In 2018, the combined organization accounted for $28.6 billion in total closed sales volume nationwide.
"After nearly a decade of building this company and partnering with more than 60 top builders and developers this alliance with Douglas Elliman is going to make an even bigger impact on the Texas development landscape," said Jacob Sudhoff, who will serve as chief executive officer of Douglas Elliman, Texas. "We are offering our clients even greater exposure through Elliman's national reach and global alliance with Knight Frank. This will further allow us to bring even greater value to developers and homeowners and optimize our customer satisfaction."
"We are thrilled to have formed a joint venture with Jacob and his team at Sudhoff Companies," said Scott Durkin, president and COO of Douglas Elliman. "This move will offer Douglas Elliman a competitive edge as we enter into this new market." Added Susan de França, president and CEO of Douglas Elliman Development Marketing, "We welcome the opportunity to bring our brand of development marketing to the Houston market and look forward to working alongside Jacob and his team to expand their already impressive portfolio of projects."
Douglas Elliman, Texas will be based out of Houston.
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume. With more than 7,000 agents, the company operates approximately 120 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.
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SOURCE Douglas Elliman