Compass to Acquire Stribling & Associates in First Hometown Merger
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Compass is acquiring esteemed independent Stribling & Associates, its first hometown merger, for an undisclosed sum, according to reports this week. The acquisition adds Stribling's 300 agents to the brokerage, bringing its collective count in New York City to 1,800.
Stribling & Associates was co-founded in 1980 by Elizabeth Stribling, and is helmed by Elizabeth Ann Stribling-Kivlan, Stribling's daughter and the firm's president. The addition is the brokerage's first major move in New York, where it was founded and is headquartered.
Last year, Compass raked in $45.5 billion in sales volume, according to RISMedia's 2019 Power Broker Report, making it No. 3 in the nation, ahead of Douglas Elliman, one of its chief competitors. After an additional $400 million financing round in September, led by Softbank's Vision Fund and Qatar Investment Authority (QIA), the firm was valued at $4.4 billion.
Real estate leaders in the New York region commented on the implications of the acquisition in the Manhattan market, including Candace Adams, president and CEO of Berkshire Hathaway HomeServices, New England, Westchester and New York Properties.
"With this acquisition, Compass's growth strategy, once again, clearly aligns with that of a traditional brokerage and is a sign of the evolving real estate industry as consolidation and mergers become more commonplace," Adams said. "Having led our company through several strategic acquisitions, however, it is imperative that there be a cultural fit in order for any transaction to be successful long-term. It is an exciting time in the NYC market and we look forward to a great season and continued expansion."
The Stribling acquisition is on the heels of a major play into San Francisco. In March, Compass acquired Alain Pinel Realtors®, then the No. 6 brokerage in the country, and in 2018, acquired two other Bay Area leaders, Pacific Union International and Paragon Real Estate Group, as well as Platinum Drive Realty in Scarsdale, N.Y., Conlon Christie's International Rea Estate in Chicago, and Wydler Brothers Real Estate in Washington, D.C. In February, the brokerage bought Contactually, a cloud-based CRM.
Compass has more than 10,000 agents in the U.S., including in the Bay Area, Chicago, Los Angeles, Miami, New York and Washington, D.C.
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