Compass CEO Robert Reffkin, Stribling & Associates chairman Elizabeth F. Stribling and president Elizabeth Ann Stribling-Kivlan
Compass is acquiring Stribling & Associates, one of New York City’s last independent brokerage firms with more than $1 billion in annual sales.
Terms of the deal were not disclosed.
Stribling placed No. 5 on The Real Deal‘s most recent ranking of residential firms in Manhattan. The firm, with 270 agents, closed $1.62 billion in sell-side deals last year in Manhattan, according to TRD‘s analysis.
The brokerage was founded in 1980 by Elizabeth “Libba” Stribling and Connie Tysen. In 2013, Elizabeth Ann Stribling-Kivlan took over as president.
From left: Robert Reffkin, Compass CEO Robert Reffkin, Elizabeth F. Stribling, Elizabeth Ann Stribling-Kivlan, and Compass COO Maelle Gavet
Since its launch in 2012, Compass has been an aggressive player in New York City real estate. Last year, it ranked third on TRD‘s Manhattan brokerage rankings, with $2 billion in sell-side deals. It ended the year with 872 agents in Manhattan.
The venture backed-backed firm, headed by Robert Reffkin and Ori Allon, was valued at $4.4 billion after closing a $400 million round from investors including SoftBank and the Qatar Investment Authority.
At the time, the company said it would deploy the money to double down on its tech.
Last month, the firm acquired Contactually, a cloud-based CRM tool. It recently launched a West Coast Product & Engineering Campus in Seattle.
But the firm has also been on an acquisition spree. In August, it bought San Francisco-based Pacific Union International Realty, a firm with $14 billion in sales. Last month, it acquired Alain Pinel, a firm in Silicon Valley.
In New York, acquisitions have been elusive for Compass, which has relied on recruiting top agents from its rivals. Sources said in recent weeks, rumors began circulating that it was acquiring Stribling for its new development marketing chops, a segment Compass has struggled with.
Stribling was also rumored to have been talking to Berkshire Hathaway, which has been angling for a more significant presence in New York City.