Toronto-based Peerage Realty Partners has entered into “a substantial partnership interest” in Pacific Sotheby’s International Realty, a luxury real estate brokerage in the Southern California markets of Orange County and San Diego County. Its 620 agents represent 150 miles of Southern California Coast from Huntington Beach to Coronado. Pacific Sotheby’s International Realty has offices in Carlsbad, Coronado, Dana Point, Encinitas, Huntington Beach, Laguna Beach, La Jolla, Newport Beach, Rancho Santa Fe (3), San Clemente (2), San Diego (4) and Solana Beach.
“Peerage Realty’s quest is to be the preeminent luxury real estate services company globally,” says Miles Nadal, founder and executive chair of Peerage Realty Partners. “Southern California is an ideal market to add to our growing portfolio. We look forward to further expanding across California, fully leveraging the Sotheby’s International Realty brand and the expertise and reputation of Pacific Sotheby’s International Realty.”
Under the leadership of CEO Brian Arrington and president and COO Wendy Purvey, Pacific Sotheby’s International Realty attained a 2021 sales volume of US$6.8 billion (C$8.5 billion).
Gavin Swartzman
Gavin Swartzman, CEO of Peerage Realty Partners, says, “The talented team at Pacific Sotheby’s International Realty will be a significant addition to the group we are building. We look forward to adding their energy and experience to the Peerage Realty family.”
The senior management team will continue to lead the organization and will hold a significant financial interest in its future growth, the company says.
“Our average sales price is 45 per cent higher than our nearest competitor – and we continue to dominate the high end of market,” says Arrington. “With our exciting momentum, the time is perfect to infuse new resources and capital to help grow our agents’ business.
“Coming off one of the best real estate markets in history has brought consolidation opportunities around the country and none more so than right here in the extremely desirable footprint of Orange County and San Diego.”
The partnership is the seventh one for Peerage Realty. It currently has interests in Sotheby’s International Realty Canada, 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, with six offices and 460 agents in the Greater Chicago Area.
