NRT (company)

NRT LLC (formerly National Realty Trust) is a residential real estate brokerage company in the United States of America. A subsidiary of Realogy Corporation, its headquarters are located in Madison, New Jersey.[1]

History

In 1996, Cendant, which was known as HFS Incorporated at the time, formed National Realty Trust when the company purchased Coldwell Banker Corporation in order to purely remain a franchisor. The initial purpose of National Realty Trust was to own the nearly 400 brokerage offices that had been acquired in the Coldwell Banker purchase. It was also responsible for continuing to acquire offices and renaming the new companies with one of Cendant's brand names (Coldwell Banker, ERA and Century 21).[2]

In August 1997, Cendant and Apollo Management formed the company that stands today – NRT LLC. The joint venture operation was established because they desired more acquisition growth than a trust could handle.[2] Subsequently, major acquisitions were made in 1997 in both Northern and Southern California as well as expansion in Cincinnati, Ohio.

In 1998, NRT entered new markets in Atlanta, Baltimore, Boston, Denver, Minnesota and Washington, D.C.[3] Significant additions to NRT's Florida and New Jersey holdings were also made.

The company continued to grow in 1999, entering Dallas/Fort Worth, Harrisburg and Milwaukee markets. With these new holdings, NRT reached its 100th acquisition mark.[3]

In 2000, NRT set a "real estate industry record, surpassing $100 billion in closed sales volume" and acquired Fred Sands Realtors, a $5 billion company based in Los Angeles.[3] By the end of the year, NRT had acquired over 150 companies.

NRT entered the Columbus, Ohio, New York City, and Utah markets in 2001 and continued to make acquisitions in St. Louis, Dallas/Fort Worth, Lake Tahoe, Denver, Atlanta, Sacramento and San Diego.[4][5]

In 2002, Cendant acquired 100 percent of NRT's common stock and bought out Apollo Management. It was a "$224 million stock deal in which Cendant paid the $166 million that NRT was slated to pay Apollo as part of the original joint venture agreement."[4] NRT incorporated itself within Cendant, operating within its Real Estate Services division. By year end, it had acquired the largest independent real estate firms in Florida and the New England area. NRT's corporate headquarters relocated from Mission Viejo, California, to the NRT Home Office in Parsippany, New Jersey.[6]

References

  1. ↑ nrtsite (2013-07-26). "Who We Are". NRT LLC – The Nation’s Largest Residential Real Estate Brokerage. Retrieved 2017-04-02.
  2. 1 2 "Corporate Profile for NRT LLC". August 27, 1999. Retrieved June 22, 2007.
  3. 1 2 3 "NRT LLC Press Kit". Retrieved June 22, 2007.
  4. 1 2 "NRT LLC Company History". Retrieved June 22, 2007.
  5. ↑ McGeveran, Tom (October 1, 2001). "Corcoran Sells Out to Giant Group NRT; Will Barbara Stay?". New York Observer. Retrieved May 14, 2016.
  6. ↑ nrtsite (2013-07-26). "Who We Are". NRT LLC – The Nation’s Largest Residential Real Estate Brokerage. Retrieved 2017-04-02.
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