Compass has reached a deal to acquire @properties and Christie’s International Real Estate.
Compass has reached a deal to acquire @properties and Christie’s International Real Estate.
Compass is acquiring @properties, Christie’s International Real Estate in $444M deal
Firm expected to pay $150M, 44M shares for affiliates, title and mortgage businesses
The deal marks Compass’ third major acquisition this year and by far its largest: @properties ranking among the top 10 brokerages in the country by sales volume and the Christie’s International umbrella including more than 100 affiliates across the globe, the firms said in a press release. It also marks the first time Compass will have a presence outside of the United States.
Chicago-based @properties was founded in 2000, by Thad Wong and Mike Golden. It acquired Christie’s International Real Estate in 2021, amid an effort to push harder into luxury sales in a bid to increase average deal size.
Wong and Golden will stay on as co-CEOs to run day-to-day operations, as the firms will continue to operate as separate companies, according to Compass CFO Kalani Reelitz.
“Everything you love about @properties — our brand, our culture, our tech, our marketing, and our relationships with Christie’s International Real Estate — is not changing,” Golden said in a YouTube video announcing the acquisition viewed by The Real Deal.
“This was our decision,” Wong said in the video. “We had a number of options and partnering with Compass stood out as a clear winner.”
The brokerage has grown to include more than 13,000 real estate agents in nearly 50 countries and territories, handling over $100 billion in annual transaction volume, according to Wong’s online bio. The firm has outposts across the Greater Chicago area, Indiana, Michigan and Wisconsin.
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