The largest residential brokerage in the Chicago area is joining forces with the largest in the country. New York-based Compass said Monday it is acquiring Chicago-based @properties and Christie’s International Real Estate.
Founded in 2000, @properties is the eighth largest residential real estate brokerage in the U.S. by sales volume, and its logo is a common sight in Chicagoland and surrounding states. @properties acquired Christie’s International Real Estate in 2021, a global network of more than 100 independent subsidiaries in approximately 50 countries.
“Compass shares our commitment to improving the real estate industry through technology, marketing and exceptional service and embracing the local, independent real estate agent through the Christie’s International Real Estate and @properties brands,” said @properties co-CEO and founder Thad Wong in a statement.
“It is clear that we are acquiring one of the best companies in our industry,” Compass founder and CEO Robert Reffkin said in a call with investors on Monday.
The $444 million acquisition comes at a time of major changes in the way buyers acquire new homes. The Chicago-based National Association of Realtors and real estate brokers across the country agreed early this year to settle massive antitrust lawsuits filed by home sellers who alleged they were forced to pay high commissions paid to real estate agents. The NAR agreed to pay out $418 million and make commissions more transparent, requiring potential homebuyers to sign written agreements detailing how their agents would be paid.
The acquisition of @properties is expected to close in early 2025, a @properties spokesperson said. Christie’s International Real Estate and @properties will operate as separate business units under their own brands for the foreseeable future, with Wong and co-CEO Mike Golden controlling day-to-day operations.
