Compass Expands Presence in NYC with Purchase of Stribling
Stribling, which was founded in 1980 by chairman and founder Elizabeth F. Stribling, operates three locations in Manhattan and one in Brooklyn.
NEW YORK CITY—Fast growing real estate brokerage and technology firm Compass has expanded its presence here with the acquisition of the Stribling brokerage firm, adding more than 300 agents and 50 employees to its New York City operations.
Compass states that with the addition of luxury real estate brokerage Stribling, it now has more than 1,800 agents at 11 offices. Stribling, which was founded in 1980 by chairman and founder Elizabeth F. Stribling, operates three locations in Manhattan and one in Brooklyn.
No financial terms of the deal were announced. The global headquarters for Compass is located at 90 Fifth Ave. in Manhattan.
“I have always admired Elizabeth, her daughter Elizabeth Ann and the hundreds of impressive agents and managers at Stribling,” says Compass founder and CEO Robert Reffkin. “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 its commercial division 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 US. The company is valued at $4.4 billion and has raised $1.2 billion to-date.
In February 2018, Compass reported 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.