The luxury real estate firm Douglas Elliman (NYSE: DOUG) announced a strategic partnership with Watson, the New York City-based creative agency, for rebranding initiative designed to reanimate the company’s identity.
The rebranding initiative will encompass visual identity, brand messaging, digital presence, and the overall client experience across Douglas Elliman’s network of offices and markets. Watson’s client list includes Mandarin Oriental, Mayo Clinic, and Four Seasons.
“Douglas Elliman has always been at the forefront of luxury real estate, and this partnership with Watson represents our commitment to innovation and advancement while staying true to our core values,” said President and CEO Michael S. Liebowitz. “We’re thrilled to work with a creative and groundbreaking partner that understands both the weight of our legacy and the importance of looking boldly toward the future.”
The new partnership follows Douglas Elliman’s sale of its property management division to PMG Holdings, a subsidiary of the property management firm Associa, for $85 million.
The deal was announced in a filing with the Securities and Exchange Commission and first reported on Friday in The Real Deal. The companies will also begin a five-year licensing agreement with PMG continuing to use the Douglas Elliman brand as part of its property management services.
Elliman will use the proceeds from the sale, along with cash on hand, to pay off $50 million in convertible debt it took out from Kennedy Lewis Investment Management last year, which was redeemed for $95 million. After that transaction is completed, the company will have $122 million in cash on hand.
