Power brokerage Douglas Elliman is standing on it’s own. As of Thursday, the company announced it’s spinoff from parent company Vector Group was complete and “DOUG” was ready for the public market.
“Today marks an exciting new chapter for Douglas Elliman,” Chairman and CEO Howard Lorber said in a statement. “As a standalone company, we look forward to building on Douglas Elliman’s leading luxury brand and longstanding tradition of excellence, while continuing to drive long-term value for stockholders.”
The stock opened at $10/share, while stock in its parent, Vector Group (VGR), dropped 34 percent.
According to Inman, under it’s own footprint, Douglas Elliman plans on investing in proptech firms that can build on its technology offerings. As a publicly traded company, Douglas Elliman will also gain a value proposition to recruit new employees and acquire other brokerages.
As we previously reported, Scott Durkin will remain in the top leadership position.