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