Compass to acquire @properties, Christie's International Real Estate
The $444 million deal brings the 8th-largest brokerage firm into the Compass fold and represents the brokerage giant’s first major move into the global market.
Compass is maintaining its steep growth trajectory, adding @properties and Christie's International Real Estate to the fold in a $444 million move to increase its worldwide reach.
Chicagoland-based @properties is the eighth-largest residential brokerage by sales volume, Compass said in its announcement of the acquisition on Monday afternoon. Christie's International Real Estate has a global network of more than 100 independent affiliates in 50 countries.
"Compass had been focused on the agent entrepreneur," said Robert Reffkin, Compass founder and CEO during an investor call following the announcement. "With this expansion for the company, we now can serve independent broker-owner entrepreneurs … we can support those goals."
What's next for @properties? Michael Golden and Thad Wong co-founded @properties in 2000 and are co-CEOs of that brokerage as well as the At World holding company that includes the Christie's International Real Estate franchise brand, Georgia-based Ansley Real Estate and California-based Sereno.
"We're operating two great companies 'as is,' and that's a really important message," Reffkin said. "We want to make sure we get the best from each other but not necessarily change quickly."
Golden and Wong will continue to handle day-to-day operations and keep the brands separate.
"Compass shares our commitment to enhance the real estate industry through technology, marketing, and exceptional service and to embrace the local, independent broker through the Christie's International Real Estate and @properties brands," Wong said.
Reffkin said he "looks forward to partnering with co-CEOs Wong and Golden to grow the affiliate network."
Golden called this "a very complementary union that respects our unique brands."
A year of aggressive growth: The acquisition comes on the heels of other notable deals this year. Compass gained significant market share in April with its acquisition of Latter & Blum, a venerable New Orleans firm with more than 3,200 agents and more than $4 billion in sales last year.
The following month, Compass merged with Parks Realty, a Tennessee-based luxury brokerage, adding another 1,500 agents.
When will the deal be final? The acquisition still needs to be approved by regulators but is expected to close in 2025. It also includes title and mortgage businesses (Proper Title and Proper Rate) and Suburban Jungle, a lead generation business.
"Our companies share the same passion for empowering entrepreneurial agents," Reffkin said. "Together, we will be able to provide unparalleled resources and support to help everyone succeed and deliver exceptional client experiences."