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Sotheby’s International Realty, Inc. Acquires Pitts & Bachmann Realtors, Inc. of Santa Barbara
Leading Luxury Real Estate Brokerage Expands California Operations
SANTA BARBARA, Calif. – January 10, 2006
Sotheby’s International Realty, Inc., a leading residential real estate brokerage firm representing exceptional properties in some of the world’s most sought-after markets, today announced it has acquired the assets of Pitts & Bachmann Realtors, Inc., based in Santa Barbara, Calif. Pitts & Bachmann’s six offices will now operate as Sotheby’s International Realty. Sotheby’s International Realty, Inc. is a subsidiary of NRT Incorporated.
During the past 12 months, Pitts & Bachmann and its 200 sales associates have accounted for approximately $1 billion in closed sales volume. With the addition of Pitts & Bachmann’s offices, Sotheby’s International Realty now has a market presence in California that includes Palm Springs, Beverly Hills and Ventura County to the south, and Monterey County, San Francisco and Sonoma to the north. The newly combined company now has eight offices in Santa Barbara County.
“Pitts & Bachmann is a highly respected real estate brokerage firm with more than four decades of experience serving the Santa Barbara community — culturally, they are ideally suited to our organization and will be a tremendous complement to our existing offices in Montecito and Los Olivos,” said Stuart Siegel, president and CEO of Sotheby’s International Realty, Inc. “I am personally very pleased to welcome the talented team of professionals at Pitts & Bachmann who, year after year, continue to make a tremendous contribution to the Santa Barbara real estate market.”
Patty Tunnicliffe, general manager of Pitts & Bachmann, will continue to manage the operations of the new organization as senior vice president and brokerage manager. Dennis Walsh, owner of Pitts & Bachmann, will continue to be involved in the strategic management of the company in a consulting capacity. Both will work in concert with Greg Tice, senior vice president for Sotheby’s International Realty’s existing Santa Barbara operations, reporting to Frank Symons, executive vice president and COO for the California region of Sotheby’s International Realty, Inc.
“Our sales associates have established strong roots in the Santa Barbara community and will now be better positioned to assist clients coming from outside the area or moving across country,” said Tunnicliffe. “As part of Sotheby’s International Realty, we will maintain our local heritage while leveraging the opportunities and benefits that come with being part of a world-renowned real estate brand.”
Sotheby’s International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house and represents fine properties at a range of price points. Today, Sotheby’s International Realty, Inc. owns and operates brokerage offices in key metropolitan and resort markets, including London; Manhattan; The Hamptons; Greenwich, Conn.; Litchfield County, Conn.; Cape Cod; Palm Beach, Fla.; Southern California; San Francisco; Sonoma; Sun Valley, Idaho; and Jackson Hole, Wyo. NRT Incorporated. the largest residential real estate brokerage company in the United States, is a subsidiary of Cendant Corporation (NYSE: CD).
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