Compass Buys Pacific Union, the Fifth Largest Real Estate Broker in the U.S.
New York-based real estate startup Compass acquired San Francisco-based brokerage firm Paragon Real Estate in July
New York-based real estate startup Compass announced Wednesday it had acquired San Francisco-based luxury real estate company Pacific Union International Inc. for an undisclosed amount. Reports on the deal began surfacing last week, with real estate industry news site Inman being first to report it, citing sources.
Founded in 1975, Pacific Union is currently ranked the fifth-largest brokerage firm in the U.S. and the largest independent brokerage firm in California by sales volume, having reported sales volume of $14 billion in 2017.
Founded in 2012 by Robert Reffkin and Israeli entrepreneur Ori Allon, Compass operates a digital portal for buying, selling, and renting real estate. Softbank Group Corporation’s Vision Fund invested $450 million in Compass late last year, bringing the company’s total funding raised to $775 million. In July, Compass acquired San Francisco-based brokerage firm Paragon Real Estate Group for an undisclosed amount.