The real estate tech company is snapping up the largest independent brokerage in California
One of the largest real estate brokerages in the nation is being acquired by a real estate technology company.
Tech company Compass is acquiring Pacific Union International, the fifth-largest real estate brokerage in the country and the largest independent brokerage in California. The acquisition will grow Compass’ national team to more than 6,400 real estate professionals, representing $28 billion in sales volume last year alone.
Pacific Union CEO Mark A. McLaughlin acquired the brokerage in 2009. Since then, he has grown the company from $2.1 billion in sales volume to $14.1 billion last year. Pacific Union has more than 50 offices and 1,700 real estate professionals throughout California.
“In recent years, real estate professionals and brokerage firms have been reacting to the world others are attempting to create,” said Robert Reffkin, founder and CEO of Compass. “I believe the combination of Compass and Pacific Union will be a definitive step in building a company that can ensure the future of real estate is driven by the vision and aspirations of real estate professionals.”
“This is an exciting time as we embark on this partnership with Compass,” McLaughlin said. “I look forward to working alongside the Compass team to continue to improve the lives and businesses of our real estate professionals.”
Compass said that it was committed to opening in the top 20 cities in the United States and expanding to more than 65 new offices this year.
