One of North Texas’ best-known residential sales firms — Briggs Freeman Sotheby’s International Realty — has sold a majority stake in the company to a Canada-based property firm.
Toronto-based Peerage Realty Partners acquired a “substantial partnership interest” in the 61-year-old Briggs Freeman firm, which handles sales of some of the Dallas-Fort Worth area’s most expensive homes.
Peerage Realty has more than 5,000 sales agents in 143 offices in Canada and the United States. Briggs Freeman is represented locally by 400 agents from offices in Dallas, Fort Worth, Southlake, Lakewood and Plano.
Briggs Freeman CEO Robbie Briggs said the merger with Peerage Realty will expand on the affiliation with Sotheby’s International’s real estate network, which his firm joined in 2010.
“I fully believe in the Sotheby’s brand, and so does Peerage,” Briggs said. “This puts us as part of one of the largest companies for Sotheby’s.
“They own all the Sotheby’s in Canada and the Sotheby’s in Chicago, New Hampshire and Vermont, and they still have an opportunity to acquire other Sotheby’s offices,” he said. “It is a network of great brokers around the country.”
Briggs said the network affiliation helps drive buyers coming from other markets to his firm.
“Especially in times like this, we are seeing so many people coming from New York, California and Chicago,” he said. “There are always synergies that happen with a group like that.”
Terms of the transaction were not disclosed.
Briggs and Briggs Freeman president Russ Anderson will continue to lead the local company, according to partners.
Briggs Freeman was one of the last, large independent residential sales firms in North Texas. Luxury home sales firm Allie Beth Allman & Associates was purchased in 2015 by billionaire Warren Buffet’s HomeServices of America Inc. And in 2018, Buffet’s investment firm acquired ownership of North Texas’ largest independent home sales company, Ebby Halliday Realtors.
The sales of these local real estate firms are part of a larger consolidation of residential companies across the country.
Briggs Freeman is the fourth Sotheby’s International Realty network affiliate acquired by Peerage Realty Partners.
“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,” Gavin Swartzman, CEO of Peerage Realty Partners, said in a statement. “And for Peerage Realty Partners, the quality and deep experience of our partners are the ultimate consideration.”
Peerage Realty was founded in 2007 and is a subsidiary of Peerage Capital Group.
dIn July, the company bought a majority stake in a Vermont residential firm, Four Seasons Sotheby’s International Realty.
Last year, Peerage Realty handled $14.2 billion in residential sales and is expected to close $23.6 billion in transactions this year.
Briggs-Freeman is projecting a 2021 sales volume of about $2.9 billion.