UPDATED 11:20 a.m., November 13: A little more than a year after its buzzed-about launch in New York City, startup brokerage Urban Compass has acquired a Washington, D.C.-area firm and will expand to the nation’s capital.
The firm, which has 80 staffers and 108 agents in New York, is acquiring Lindsay Reishman Real Estate, the Washington Post reported. The D.C. brokerage, which has 25 agents, is headed by Lindsay Reishman.
Under the deal, Reishman will become president of Urban Compass’ operation in Washington.
Urban Compass founder Ori Allon told the Post that Washington, D.C., has been a target market both “in terms of the type of market and sheer volume of transactions.”
Urban Compass, which launched in May 2013, has raised $73 million from investors and is opening an office in Washington D.C. The company is valued at $360 million. In recent months, it has attracted top brokers from rivals. Most recently, Julia Hoagland and her team from Brown Harris Stevens, along with the Spiegelman-Rothman group from Corcoran, decamped to Urban Compass. The firm also snagged the Litvak Team from Citi Habitats and three other teams from Corcoran this fall. [Washington Post] – E.B. Solomont