Compass Buys San Francisco Brokerage Firm Paragon as Part of Bay Area Expansion
Compass develops a digital portal for buying, selling, and renting real estate, and was recently ranked sixth largest real estate group in the U.S. by the Real Trends website
New York-based real estate startup Compass announced on Monday it has acquired Paragon Real Estate Group, a San Francisco-based brokerage firm. Compass did not disclose the financial terms of the deal. In a statement, Compass said the deal is part of the company’s expansion efforts in the Bay Area, where Compass now employs a team of more than 500 agents. Last year, the company reported more than $4.5 billion in sales in that area.
Since it was founded in 2004, Paragon has expanded to operate eight offices in San Francisco, North Bay, and East Bay.
Founded in 2012 by Israeli entrepreneur Ori Allon and Robert Reffkin, Compass develops a digital portal for buying, selling, and renting real estate. In December, the company raised $450 million at a $2.2 billion company valuation from Softbank Group Corporation’s Vision Fund, bringing its total funding to $775 million.
In a report published on the Real Trends website in March, Compass was ranked sixth largest real estate company in the U.S., with $14 billion in sales in 2017.