On Monday, Compass Inc., Christie’s International Real Estate and @properties announced that they are “joining forces,” with Compass poised to pay $150 million, plus stock shares, in the acquisition.
The deal, which will close next year, was valued at $444 million, according to the filing with the Securities and Exchange Commission that shows the brokerage is expected to hand over 44 million shares of its Class A common stock upon completion.
“This partnership will allow us to empower strong independent brokerages and broker-owner entrepreneurs around the world who are Affiliates under Christie’s International Real Estate,” Robert Reffkin, Compass founder and CEO, said in a press release. “Our companies share the same passion for empowering entrepreneurial agents. Together, we will be able to provide unparalleled resources and support to help everyone succeed and deliver exceptional client experiences.”
It is the third major acquisition for Compass this year.
While Compass, founded in 2012 and based in New York City, boasts being the largest residential real estate brokerage in the United States by sales volume, the Chicago-based @properties real estate services company owns and operates real estate brokerage firms in seven states and is the eighth largest residential brokerage in the country based on sales volume. It also owns multi-state title and mortgage companies, Proper Title and Proper Rate, and the Christie’s International Real Estate network of more than 100 independently owned domestic and international affiliates across 50 countries and territories, including an office in East Hampton that opened last year.
Compass has several offices on the East End with more than 175 agents.
The @properties brand operates in greater Chicago, Indiana, Michigan, Wisconsin and the metro Atlanta area through the Ansley Real Estate Brand. In Northern California, @properties falls under the Christie’s International Real Estate Sereno brand, which will become an independent brokerage while maintaining network affiliation.
On the East End, that means, we’re told, that both Compass and Christie’s International Real Estate will continue to operate as a separate business unit.
Also, @properties created pl@tform™, a proprietary brokerage-technology software that enables agents to digitally manage all aspects of the client relationship and real estate transaction through one fully integrated system.
Compass has said it will continue to grow the independent affiliate network through the Christie’s International Real Estate brand domestically and internationally.
“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,” said Thad Wong, @properties co-CEO, who, with Mike Golden, founded the company in 2000.
“This is a very complementary union that respects our unique brands and empowers agents to provide an even better experience for the clients they serve,” Golden added.
The transaction is expected to close in 2025 subject to customary closing conditions, including obtaining regulatory approvals, according to Kirkland & Ellis, which advised Compass on the deal.
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