NRT Incorporated
Encyclopedia
NRT LLC is the largest residential real estate brokerage company in the United States of America. It is a subsidiary of Realogy Corporation
. NRT's commercial operations rank as the twelfth largest corporate-owned commercial real estate brokerage in the country. Its headquarters are located in Parsippany
, New Jersey
.
Realogy
Realogy is a privately owned company that provides real estate and relocation services. It owns and franchises several of the industry's leading real estate brands and brokerages...
. NRT's commercial operations rank as the twelfth largest corporate-owned commercial real estate brokerage in the country. Its headquarters are located in Parsippany
Parsippany-Troy Hills, New Jersey
Parsippany-Troy Hills Township, commonly called Parsippany, is a township in Morris County, New Jersey, United States. As of the 2000 United States Census, the township population was 50,649. The name Parsippany comes from the Lenape Native American word parsipanong, which means "the place where...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
.
Company history
- In 1996, CendantCendantCendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, Cendant broke up and spun off or sold its constituent businesses...
, which was known as HFS Incorporated at the time, formed a National Realty Trust when the company purchased Coldwell Banker Corporation in order to purely remain a franchisor. The initial purpose of the 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). - It was in August 1997 that Cendant and Apollo ManagementApollo ManagementApollo Global Management, LLC is a private equity investment firm, founded in 1990 by former Drexel Burnham Lambert banker Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations and industry...
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. Subsequently, major acquisitions were made in 1997 in both NorthernNorthern CaliforniaNorthern California is the northern portion of the U.S. state of California. The San Francisco Bay Area , and Sacramento as well as its metropolitan area are the main population centers...
and Southern CaliforniaSouthern CaliforniaSouthern California is a megaregion, or megapolitan area, in the southern area of the U.S. state of California. Large urban areas include Greater Los Angeles and Greater San Diego. The urban area stretches along the coast from Ventura through the Southland and Inland Empire to San Diego...
as well as expansion in Cincinnati. - In 1998, NRT entered new markets in Atlanta, BaltimoreBaltimoreBaltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
, Boston, Denver, Minnesota and Washington, D.C. Significant additions to NRT's Florida and New JerseyNew JerseyNew Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
holdings were also made. - The company continued to grow in 1999, entering Dallas/Fort WorthDallas/Fort Worth MetroplexThe Dallas–Fort Worth–Arlington Metropolitan Statistical Area, a title designated by the U.S. Census as of 2003, encompasses 12 counties within the U.S. state of Texas. The area is divided into two metropolitan divisions: Dallas–Plano–Irving and Fort Worth–Arlington. Residents of the area...
, HarrisburgHarrisburg, PennsylvaniaHarrisburg is the capital of Pennsylvania. As of the 2010 census, the city had a population of 49,528, making it the ninth largest city in Pennsylvania...
and MilwaukeeMilwaukee, WisconsinMilwaukee is the largest city in the U.S. state of Wisconsin, the 28th most populous city in the United States and 39th most populous region in the United States. It is the county seat of Milwaukee County and is located on the southwestern shore of Lake Michigan. According to 2010 census data, the...
markets. With these new holdings, NRT reached its 100th acquisition mark. - 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. By the end of the year, NRT had acquired over 150 companies.
- NRT entered Columbus, OhioColumbus, OhioColumbus is the capital of and the largest city in the U.S. state of Ohio. The broader metropolitan area encompasses several counties and is the third largest in Ohio behind those of Cleveland and Cincinnati. Columbus is the third largest city in the American Midwest, and the fifteenth largest city...
, New York City, and UtahUtahUtah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...
markets in 2001 and continued to make acquisitions in St. Louis, Dallas/Fort Worth, Lake TahoeLake TahoeLake Tahoe is a large freshwater lake in the Sierra Nevada of the United States. At a surface elevation of , it is located along the border between California and Nevada, west of Carson City. Lake Tahoe is the largest alpine lake in North America. Its depth is , making it the USA's second-deepest...
, Denver, Atlanta, SacramentoSacramentoSacramento is the capital of the state of California, in the United States of America.Sacramento may also refer to:- United States :*Sacramento County, California*Sacramento, Kentucky*Sacramento – San Joaquin River Delta...
and San Diego. - In 2002, NRT's ownership arrangement was changed in a very big way. Cendant decided to acquire 100 percent of NRT's common stock and thus 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." NRT incorporated itself within Cendant, operating within its Real Estate Services division. By years end it had acquired the largest independent real estate firms in Florida and the New EnglandNew EnglandNew England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
area. NRT's corporate headquarters relocated from Mission Viejo, CaliforniaMission Viejo, CaliforniaMission Viejo is a city located in southern Orange County, California, U.S. in the Saddleback Valley. Mission Viejo is considered one of the largest master-planned communities ever built under a single project in the United States, and is rivaled only by Highlands Ranch, Colorado, in its size...
to the NRT Home Office in Parsippany, New Jersey, as well.