It was just announced that Briggs Freeman Sotheby’s International Realty — one of the most prominent luxury brokerages in the North Texas region — has sold a substantial partnership interest to Peerage Realty Partners. According to reports, Canada-based Peerage Realty Partners has already acquired partnerships with three Sotheby’s International Realty brands in the US and Canada, as well as other boutique firms in Ontario, British Columbia, and Colorado.
Briggs Freeman Sotheby’s International Realty was founded as a boutique firm in 1960. For about half of those years, CEO Robbie Briggs has aptly manned the helm. Briggs has nurtured the luxury brokerage to six offices, 381 agents, and a projected $2.9 billion in sales for 2021. The transaction with Peerage will mean that Briggs will no longer be the majority shareholder at the brokerage.
Changes Afoot?
Though the partnership will mean more resources for Briggs Freeman Sotheby’s in an extremely competitive market, the firm will continue to be led by CEO Robbie Briggs with brokerage president Russ Anderson and the firm’s leadership team. According to a release issued by Peerage and Briggs Freeman, “There are no changes to the brokerage’s employees or staff.”
Peerage, which was founded in 2007, plans to bring their resources (read: capital) to the table along with operational expertise, marketing, media and public relations, and value-added products and services.
“Our values and those of Peerage Realty Partners are fully aligned,” Briggs said in a statement. “With a shared focus on providing a luxury service experience to all our clients, we will be able to further reinforce our presence in existing markets and build our business in new markets at home and internationally.”
For Peerage Realty Partners, this is a cornerstone for their ongoing North American expansion strategy. The organization has partnerships with Sotheby’s International Realty Canada, Four Seasons Sotheby’s International Realty of Vermont and New Hampshire, and Jameson Sotheby’s International Realty of Chicago. With this latest transaction, the total number of Sotheby’s International Realty agents under the Peerage umbrella will top 1,600.
An Exceptional Team
According to sources with inside knowledge of the transaction, agents will benefit from a stable, financially sound platform from which to operate with the backing of Peerage Realty Partners, but otherwise, it will be business as usual for BFSIR. There will be no changes to agents’ Independent Contractor Agreements or the staff of Briggs Freeman. Likewise, there will be no changes to the brokerage name or branding.
“Our confidence is amplified by the fact that Sotheby’s International Realty and Peerage Realty Partners already have a long-standing, successful relationship and brand reputation in Canada and the U.S.,” Briggs said.
“By partnering with Peerage Realty Partners, we gain access to a powerful support network and the resources to fully optimize our potential. We deeply value the opportunity that presents,” said Anderson, who was promoted to the post of brokerage president in April of this year.
“We are very excited about the prospect of adding Briggs Freeman Sotheby’s International Realty — another superb Sotheby’s International Realty affiliate — to the Peerage Realty Partners family of companies,” said Gavin Swartzman, CEO of Peerage Realty Partners. “The caliber of the team, assembled and led by Robbie and Russ, is truly exceptional and reflects their 60-plus-year commitment to be the best in their business. And for Peerage Realty Partners, the quality and deep experience of our partners are the ultimate consideration.”
