Douglas Elliman Inc. announced Thursday it completed its spin-off from Vector Group Ltd. and began trading on the New York Stock Exchange. Trading under the symbol “DOUG” the company has been added to the S&P SmallCAP600 before the start of Thursday’s trading.
Now a stand-alone company, Douglas Elliman will continue to remain flexible while providing “cutting-edge solutions for improving client, customer and agent experience,” according to a press release.
Douglas Elliman Chairman and CEO Howard M. Lorber said Thursday marked a new chapter for the company.
“As a stand-alone company, Douglas Elliman will leverage its differentiated approach, portfolio of innovative technology services and a best-in-class team of employees and agents to capitalize on growth opportunities in the highly attractive U.S. residential real estate market,” he said. “We believe there is a bright future ahead for our company as a standalone entity.”
Scott Durkin, CEO of Douglas Elliman Realty LLC, said the milestone wouldn’t have been reached without the hard work and dedication of the company’s agents and employees.
“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,” he said.