Luxury brokerage firms inks acquisition
Real estate brokerage firm One Sotheby’s International has acquired boutique real estate company Turnberry International Realty.
Turnberry, which is owned by George Perez and led by managing broker Seth Kaufman, will be absorbed into the daily operations of One Sotheby’s International Realty. Terms of the transaction were not diclosed.
The acquisition marks the 12th office for One SIR. The luxury brokerage will take over Turnberry’s kiosk at Aventura Mall, an outpost that will continue to serve as a pop-up sales center, a concept that was first established by Perez in South Florida.
Kaufman will continue to lead the Aventura office as well as the Sunny Isles and Bay Harbour offices as ONE SIR’s newest managing broker, while Perez will serve as One SIR’s business development consultant.
Over the past 19 years, Turnberry grew from seven agents to 100. In 2016, the group produced more than $500 million in sales revenue. With this acquisition, Turnberry’s 100 agents join One SIR’s network of more than 600 real estate professionals in South Florida and 20,000 associates in more than 66 countries with more than 881 offices across the globe.
“We’ve received multiple offers from other brokerage firms, so the decision came down to what firm would best benefit our client base and agents,” Perez said. “ONE Sotheby’s International Realty’s national and international network sealed the deal for us.”
One Sotheby’s International Realty is expected to acquire two more brokerage firms by the end of the summer.