Chicago-based real estate brokerage @properties Christie’s International Real Estate is being scooped up by a national real estate giant, after nearly 25 years of growth.
New York-based Compass announced Monday that it will acquire @properties, Christie’s International and its title, mortgage and lead-generation business. The deal, expected to close in the first quarter of 2025, is valued at $444 million, with $150 million in cash and $294 million in equity, according to Compass.
A Compass spokesperson confirmed to the Sun-Times that @properties and Christie’s International’s affiliate network, along with related brands, will operate as separate business units. They will continue to be led by @properties co-founders and co-CEOs Thad Wong and Mike Golden.
Christie’s — which operates as a network with over 100 independently-owned brokerages around the world — was acquired by @properties in 2021.
“Our companies share the same passion for empowering entrepreneurial agents. Together, we will be able to provide unparalleled resources and support to help everyone succeed and deliver exceptional client experiences,” Compass CEO Robert Reffkin said in news release.
Compass was founded in New York City in 2012 and is the largest residential real estate brokerage in the U.S. by sales volume, according to RealTrends.
It also ranked @properties as the 8th largest U.S. brokerage by sales volume. The Chicago firm also operates in Indiana, Michigan and Wisconsin, as well as the Atlanta metro area through its Ansley Real Estate brand.
The acquisition further shakes up the residential real estate industry after the National Association of Realtors’ $418 million antitrust settlement, which changes the way homes are bought and sold.
The trade association, which has 1.5 million members, was accused of fixing broker commissions at high rates and discouraging sellers from seeking better terms. The NAR agreed to settle the lawsuit in March. It denied any wrongdoing.
The settlement was given court approval Nov. 26.