One Sotheby’s International Realty acquires Crescendo Real Estate
Crescendo brings about $250M worth of inventory with it
October 13, 2016 03:30PMBy Katherine Kallergis
Daniel de la Vega, president of One Sotheby’s International Realty
One Sotheby’s International Realty has acquired Crescendo Real Estate, a boutique firm in Bay Harbor Islands, along with the 10 preconstruction projects it represents.
Ivan Ramirez, broker and owner of Crescendo, is bringing his 15 agents with him and will keep the company’s office, which now marks the 11th office for One Sotheby’s, Ramirez told The Real Deal.
Daniel de la Vega, president of One Sotheby’s, said he hopes to acquire more firms. “The market has slowed down a bit and that is when there is the greatest opportunity in any industry,” he told TRD. He declined to provide terms of the deal.
Ramirez, who has nearly 20 years of experience and sales totaling $2 billion, founded Crescendo six years ago under a different name, he told TRD. He was in acquisition talks with other top luxury brokerages in South Florida, but ultimately decided on One Sotheby’s because of its brand, infrastructure and exposure to other markets, Ramirez said.
One Sotheby’s will also market Crescendo’s 10 preconstruction developments, including Aventura ParkSquare, Bay Harbor One and Sereno, that total about $250 million worth of inventory.
At One Sotheby’s, Ramirez is now the development division’s regional sales director. The firm ranked fifth in TRD’s list of the top development marketing firms, ranked in September by the number of preconstruction units they represent. It has more than 550 agents in South Florida.
The Bay Harbor Islands office, 1133 Kane Concourse, will be a sales gallery for One Sotheby’s.
Last month, Douglas Elliman acquired a Turnberry International Realty team based in Bay Harbor Islands, taking over both the lease and the location’s sales team.
Source: The Real Deal