How to Build a Real Estate Business That’s Also a Great Job
Sotheby�s, a company that builds and sells luxury homes, is facing an uphill battle in its quest to expand internationally.
The firm has just announced that it is shutting down its US headquarters and is moving to Europe, where it will focus on helping clients buy and sell luxury properties.
Sothebys is the largest real estate broker in the world, with over 15,000 offices in 42 countries.
But its headquarters in New York City have become increasingly difficult to navigate, with a high concentration of office tenants.
As of last August, Sothebys US office was home to more than 1,100 employees.
That number was down from about 1,500 employees at its US HQ.
The company was looking for a new location, but was unable to find a buyer because of the low number of vacancies.
Now that Sothebis US headquarters is no longer an option, the company is relocating to Europe.
The move is part of a $1.5 billion funding round announced last month by Chinese tech company Tencent.
The company said it plans to move to Europe as part of the deal, which will provide the company with up to $600 million in financing.
Although Sotheberys has historically focused on US buyers, it also offers European clients a number of benefits, including better tax rates, faster payment times, better access to credit, and more competitive mortgage rates.
“The new European office will provide a more efficient and competitive environment for our clients to invest in property investments and the opportunity for our portfolio companies to grow in Europe,” Sothebrot CEO Robert DeLuca said in a statement.
“As we look forward to returning to the United States, we will focus our efforts on expanding our portfolio of real estate and property investment services, which are our core business.”