Compass acquires leading real estate agents in the USA

In a remarkable merger, the largest real estate broker in the Chicago region is joining forces with the national market leader. New York-based Compass announced on Monday the acquisition of @properties and Christie's International Real Estate. Founded in 2000, @properties ranks as the eighth largest real estate broker in the USA by sales volume and is a well-known name throughout the greater Chicago area and neighboring states. In 2021, the company acquired Christie's International Real Estate, a global network of more than 100 independent partners in about 50 countries. "Compass shares our commitment to improving the real estate industry through technology, marketing, and exceptional service, and supports the local, independent broker through the brands Christie's International Real Estate and @properties," stated Thad Wong, co-founder and co-CEO of @properties, in a statement. Compass founder and CEO Robert Reffkin assured investors in a conference on Monday: "It is evident that we are acquiring one of the best companies in our industry." The acquisition comes at a time of significant changes in the real estate sector, particularly due to settlement procedures related to antitrust lawsuits regarding broker commissions. The National Association of Realtors (NAR) agreed to pay $418 million and make the commission structure more transparent. According to a spokesperson for @properties, the acquisition is expected to be finalized in early 2025. Christie's International Real Estate and @properties are initially to continue operating as independent business units led by co-founders Wong and co-CEO Mike Golden.