HOUSTON – (Realty News Report) – Douglas Elliman, Texas, is a new strategic joint venture between New York–based residential brokerage Douglas Elliman and Houston-based Sudhoff Companies. The partnership combines Douglas Elliman’s national platform of integrated services with Sudhoff’s deep expertise in Texas condominium development.
Under the agreement, Sudhoff will operate under the Douglas Elliman umbrella, positioning the joint venture to capture roughly 85 percent of Houston’s new-development condominium market.
The combined firm will represent about $500 million in active new-condo projects, including Giorgetti Houston, The River Oaks and The Sophie. Company representatives say another $1.4 billion in projects is expected to enter the pipeline over the next 12 months.
Jacob Sudhoff, a Texas native who founded Sudhoff Companies in 2010 to focus on the then-emerging condo sector, will serve as CEO of Douglas Elliman, Texas. Partner Catherine Lee will continue in a leadership role within the new organization.
Houston will serve as the headquarters for Douglas Elliman, Texas.
Howard M. Lorber, executive chairman of Douglas Elliman Realty LLC, said the move into Texas was strategic as Houston shifts toward more vertical living and as many Houston clients maintain ties to markets such as Colorado, California and Florida. He noted that Sudhoff’s integrated approach to real estate development aligns closely with Douglas Elliman’s operations and made the partnership a strong fit.
Sudhoff highlighted that the firm has worked with more than 60 builders and developers over nearly a decade, and said the alliance with Douglas Elliman will provide broader exposure and added value to its integrated services, amplifying its impact on Texas development.
Douglas Elliman is the largest brokerage in metropolitan New York and ranks as the second-largest independent residential real estate brokerage in the U.S. by sales volume. The company operates roughly 120 offices across the country and supports more than 7,000 sales associates. In addition to its suite of real estate services, Douglas Elliman maintains a strategic alliance with London-based Knight Frank Residential, extending its reach across 60 countries and six continents.
Aug. 20, 2019 Realty News Report Copyright 2019
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