Compass Expands Presence in NYC With Stribling Brokerage Deal
Real Estate In-Depth | April 2019
NEW YORK CITY—Real estate brokerage and technology firm Compass has expanded its presence here with the purchase of the Stribling luxury residential brokerage firm, adding more than 300 agents and 50 employees to its New York City operations.
Stribling, which was founded in 1980 by chairman and founder Elizabeth F. Stribling, operates three locations in Manhattan and one in Brooklyn. Compass states that with the addition of luxury real estate brokerage Stribling, the company now has more than 1,800 agents at 11 offices.
No financial terms of the deal were announced.
The fast-growing Compass made headlines in Westchester County in early 2018 when it announced it had reached an agreement to acquire Platinum Drive Realty headquartered in Scarsdale in Westchester County. The firm also had offices in Larchmont, Chappaqua, Manhasset and Greenwich, CT.
The acquisition came on the heels of the $450-million investment in Compass by the Softbank Vision Fund in December 2017 and an expansion initiative to the Chicago, Dallas and San Diego markets. With the addition of Platinum Drive, Compass’ Westchester team was expected to grow to more than 100 real estate agents representing more than $200 million in annual sales volume, Compass reported at the time of the deal.
Compass founder and CEO Robert Reffkin says of the Stribling deal, “I have always admired Elizabeth, her daughter Elizabeth Ann and the hundreds of impressive agents and managers at Stribling. We’re honored that they have chosen to align their impressive organization with ours. It’s humbling to join forces with such revered industry professionals, and I feel certain that together we can further build an exceptional environment for agents to thrive and further enhance the consumer experience.”
“I could not be more excited to begin a new life at Compass,” says Stribling. “Compass represents the future of real estate brokerage and Stribling will now be a part of this exciting new world. Because of their solid core values, innovative thinking, and exceptional platform, we have enthusiastically chosen Compass.”
Other facets of the brokerage firm include Stribling Private Brokerage, which specializes in the marketing of properties listed at more than $5 million. Stribling Marketing Associates specializes in the consulting, marketing and sales of ground-up construction and conversions.
Elizabeth Ann Stribling-Kivlan, president of Stribling, who took over as president of the company from her mother in 2013, adds, “I have watched Compass from the sidelines for the last five years, and I have been awed by the marketing, technology, and culture that they have and are continuing to build.”
In August of last year, Compass launched a commercial division in New York City with the hires of two Former Eastern Consolidated executives Adelaide Polsinelli and Ronda Rogovin.
Compass was founded in 2012 and has grown to service more than 10,000 agents across 248 offices in 132 markets across the country. The company is valued at $4.4 billion and has raised $1.2 billion to-date.