Knight Frank and US-based residential agency Douglas Elliman have drawn a line under their transatlantic alliance.
The news comes as California-headquartered Douglas Elliman launches Elliman International, a venture it said will allow it to serve clients “without limited third-party intermediaries”. The focus will initially be on luxury destinations in Latin America, the Middle East, Europe and Asia Pacific.
“Elliman International represents the natural progression of our legacy as America’s premier luxury real estate brokerage now becoming global,” said Michael S Liebowitz, president and chief executive of Douglas Elliman. “From my first day as CEO, I recognised the need to establish our own international presence that preserves the high level of service our clients expect.”
A spokesperson for Knight Frank said: “Knight Frank and Douglas Elliman have agreed mutually to conclude their alliance. Both companies maintain a constructive relationship and look forward to continued success together on a referral basis.”
They added: “Our commitment to North America remains absolute and we are currently evaluating a number of opportunities, which we believe will support our long-term ambitions in the region.”
The two firms celebrated their partnership only in September, toasting the 2009 launch of a formal partnership as well as earlier work together.
“I firmly believe that Douglas Elliman and Knight Frank connect the globe better than anyone else in our industry,” Paddy Dring, partner and global head of prime sales at Knight Frank, said at the time.
“The world has changed, and so have we,” added Scott Durkin, then-president and chief executive of Douglas Elliman. “As our clients embrace global markets, so do we.”
Photo © Maureen McLean/Shutterstock
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