Peerage Realty has obtained a “substantial partnership interest” in Pacific Sotheby’s International Realty, according to an announcement made on Wednesday. This is Peerage’s seventh affiliation with Sotheby’s, making Peerage Realty Partners the largest strategic investor in the Sotheby’s network.
The financial terms of the deal were not disclosed.
Pacific Sotheby’s has over 620 agents in 18 offices throughout Carlsbad, Coronado, Dana Point, Encinitas, Huntington Beach, Laguna Beach, La Jolla, Newport Beach, Rancho Santa Fe, San Clemente, San Diego, and Solana Beach.
The brokerage is led by CEO Brian Arrington and president and COO Wendy Purvey. Arrington was named one of Swanepoel Real Estate Almanac’s Power 200 in 2022 and Purvey previously served as SMO at Sotheby’s International Realty.
“The talented team at Pacific Sotheby’s International Realty will be a significant addition to the group we are building,” CEO of Peerage Realty Partners Gavin Swartzman said in a statement.
Both Arrington and Purvey, as well as the rest of the current senior management team will continue lead the organization and will hold a significant financial interest in its future growth.
“Combining a powerful brand, a truly connected network, and the most extraordinary marketing for our agents and the properties they represent, our new partnership with Peerage Realty allows for access to additional capital to further strengthen our value proposition,” Purvey said in a statement.
Pacific Sotheby’s ranked 42nd in the 2022 RealTrends 500 rankings by sales volume. The brokerage generated nearly $6.8 billion in sales in 2021 and recorded 3,586 transaction sides.
“For 11 years, Pacific Sotheby’s International Realty has been the preeminent luxury real estate firm in Southern California,” Arrington said. “Our average sales price is 45% higher than our nearest competitor – and we continue to dominate the high end of market.”
Peerage Realty currently has interests in Sotheby’s International Realty Canada, Canada’s largest luxury real estate brokerage with 30 offices and 690 agents in Ontario, Quebec, British Columbia and Alberta; Briggs Freeman Sotheby’s International Realty with six offices and 381 agents in North Texas, including Dallas and Fort Worth; Cascade Sotheby’s International Realty with 17 offices and over 400 agents in the Oregon and Southwest Washington market; Four Seasons Sotheby’s International Realty with 23 offices and 320 agents in Vermont, New Hampshire, and New York (including Select Sotheby’s International Realty); and Jameson Sotheby’s International Realty, a major player in Chicago’s luxury residential and commercial real estate markets with six offices and 460 agents.
“Peerage is well on its way becoming a top five brokerage in the US market if it keeps up with these types of acquisitions,” Steve Murray, RealTrends senior advisor, said.
