The New York-based brokerage will now trade under the ticker “DOUG” as a standalone company after parting ways with Vector Group, the owner of a tobacco firm.

Douglas Elliman has officially gone public, completing its spinoff from Vector Group and now trading on the New York Stock Exchange.

The New York-based brokerage on Thursday said the previously announced move had been completed before trading began. The company’s stock is trading under the ticker “DOUG,” and is part of the S&P SmallCap 600, the company said in a news release.

“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.”

In the statement, the brokerage said it plans to continue growing its footprint on the market. Market expansion, retention and talent acquisition — through recruiting and acquisitions — will all be part of the picture. The brokerage also plans to invest in proptech firms that can build on its technology offerings.

Douglas Elliman’s split from Vector Group appears to be part of a strategy to woo investors who may have felt uneasy about backing a cigarette maker, Lorber has said. Vector Group owns tobacco company Liggett Group and real estate investment firm New Valley LLC. 

“Tobacco has good, consistent cash flow, but there are still certain funds and institutions that won’t invest in it,” Lorber told Bloomberg in November. “This opens up the capital markets directly for our real estate business.”

Lorber added that, as a publicly traded company, Douglas Elliman will also gain a value proposition with which to recruit new employees and acquire brokerages in targeted markets for expansion.

Lorber became CEO and chairman of the new company, Douglas Elliman Inc. Meanwhile, the plan called for Scott Durkin, former CEO of Douglas Elliman, to become CEO of the company’s new brokerage arm, called Douglas Elliman Realty.

Douglas Elliman Inc. will encompass the brokerage as well as additional real estate services, which may include mortgage lending, title and escrow, and home staging, Durkin had previously said. A goal of the company will also be heavy investment in technology that benefits the consumer.

Douglas Elliman’s largest market is currently across the New York metro area. Durkin said that the brokerage hopes to soon expand into San Francisco, Chicago, Scottsdale and both coasts of Florida.

Vector’s real estate arm reported $354.7 million in third-quarter revenue, up from $229 million the year before. Douglas Elliman’s third-quarter revenue came in at $354.2 million, up from $208 million during the same period last year.

Email Daniel Houston

Douglas Elliman
Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×