Venture capital-backed brokerage Compass is putting some of those investor funds to use.
The firm is expanding its luxe digs in Beverly Hills and opening a brand new “state of the art” office in Malibu, a spokesperson told The Real Deal.
Compass is slated to take over the ground floor of 9454 Wilshire Boulevard by early 2017, doubling its presence in Beverly Hills to 25,200 square feet. It has occupied the full fourth floor of the building since December 2015, when the company first launched in L.A.
Average asking rent at the property, owned by Beverly Wilshire Investment Company, is $65.88 a foot per year, according to CoStar.
“The expansion of our current location speaks not only to our tremendous growth as a company, but also our strong commitment to the Los Angeles market,” said Stan Richman, regional vice president and manager of the Beverly Hills office.
In Malibu, the company is upgrading to a 3,316-square-foot office at 24903 Pacific Coast Highway. Asking rents for the space were not immediately available. Until now, the company’s only Malibu presence had been a small suite at 29170 Heathercliff Road.
“We are further solidifying Compass’ commitment to the Malibu market by expanding our footprint along one of the most coveted retail and residential stretches in the country,” said Jay Rubenstein, the manager of the Malibu office.
The firm now operates four offices in Southern California including Beverly Hills, Malibu, Pasadena, and Santa Barbara/Montecito. It has 192 agents in California.
To date, the three-year-old startup brokerage has raised $135 million from investors including Joshua Kushner’s Thrive Capital, Founders Fund, .406 Ventures, Salesforce CEO Marc Benioff and Condé Nast parent Advance Publications.