{"id":3021,"date":"2022-04-08T14:10:53","date_gmt":"2022-04-08T14:10:53","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/04\/08\/with-latest-deal-peerage-becomes-sothebys-largest-strategic-investor\/"},"modified":"2025-03-13T02:41:24","modified_gmt":"2025-03-13T02:41:24","slug":"with-latest-deal-peerage-becomes-sothebys-largest-strategic-investor","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/04\/08\/with-latest-deal-peerage-becomes-sothebys-largest-strategic-investor\/","title":{"rendered":"With latest deal, Peerage becomes Sotheby\u2019s largest strategic investor"},"content":{"rendered":"\n<p><strong>Peerage Realty<\/strong> has obtained a \u201csubstantial partnership interest\u201d in <strong>Pacific Sotheby\u2019s International Realty<\/strong>, <a href=\"https:\/\/www.prnewswire.com\/news-releases\/peerage-realty-partners-expands-into-iconic-southern-california-market-with-a-substantial-partnership-interest-in-pacific-sothebys-international-realty-of-southern-california-301519951.html\" target=\"_blank\" rel=\"noreferrer noopener\">according to an announcement<\/a> made on Wednesday. This is Peerage\u2019s seventh affiliation with Sotheby\u2019s, making Peerage Realty Partners the largest strategic investor in the Sotheby\u2019s network.<\/p>\n\n\n\n<p>The financial terms of the deal were not disclosed.<\/p>\n\n\n\n<p>Pacific Sotheby\u2019s has over 620 agents in 18 offices throughout Carlsbad,&nbsp;Coronado,&nbsp;Dana Point,&nbsp;Encinitas,&nbsp;Huntington Beach,&nbsp;Laguna Beach,&nbsp;La Jolla,&nbsp;Newport Beach,&nbsp;Rancho Santa Fe,&nbsp;San Clemente,&nbsp;San Diego, and&nbsp;Solana Beach.&nbsp;<\/p>\n\n\n\n<p>The brokerage is led by CEO Brian Arrington and president and COO <a href=\"https:\/\/preprod.housingwire.com\/winner-profile\/2021-hw-woman-of-influence-wendy-purvey\/\" target=\"_blank\" rel=\"noreferrer noopener\">Wendy Purvey<\/a>. Arrington was named one of <strong>Swanepoel Real Estate Almanac\u2019s<\/strong> <strong>Power 200<\/strong> in 2022 and Purvey previously served as SMO at <strong>Sotheby\u2019s International Realty<\/strong>.<\/p>\n\n\n\n<p>&#8220;The talented team at Pacific Sotheby&#8217;s International Realty will be a significant addition to the group we are building,\u201d CEO of Peerage Realty Partners Gavin Swartzman said in a statement.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>&#8220;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,\u201d Purvey said in a statement.<\/p>\n\n\n\n<p>Pacific Sotheby\u2019s ranked 42<sup>nd<\/sup> in the <a href=\"https:\/\/www1.realtrends.com\/rankings\/real-trends-500-search\" target=\"_blank\" rel=\"noreferrer noopener\">2022 <strong>RealTrends 500<\/strong><\/a> rankings by sales volume. The brokerage generated nearly $6.8 billion in sales in 2021 and recorded 3,586 transaction sides.<\/p>\n\n\n\n<p>&#8220;For 11 years, Pacific Sotheby&#8217;s International Realty has been the preeminent luxury real estate firm in\u00a0Southern California,\u201d Arrington said. \u201cOur average sales price is 45% higher than our nearest competitor \u2013 and we continue to dominate the high end of market.\u201d<\/p>\n\n\n\n<p>Peerage Realty currently has interests in Sotheby&#8217;s International Realty Canada,\u00a0Canada&#8217;s\u00a0largest luxury real estate brokerage with 30 offices and 690 agents in\u00a0Ontario,\u00a0Quebec,\u00a0British Columbia\u00a0and\u00a0Alberta; Briggs Freeman Sotheby&#8217;s International Realty with six offices and 381 agents in\u00a0North Texas, including\u00a0Dallas\u00a0and\u00a0Fort Worth; Cascade Sotheby&#8217;s International Realty with 17 offices and over 400 agents in the\u00a0Oregon\u00a0and\u00a0Southwest Washington\u00a0market; Four Seasons Sotheby&#8217;s International Realty with 23 offices and 320 agents in\u00a0Vermont,\u00a0New Hampshire, and\u00a0New York\u00a0(including Select Sotheby&#8217;s International Realty); and Jameson Sotheby&#8217;s International Realty, a major player in  Chicago&#8217;s luxury residential and commercial real estate markets with six offices and 460 agents.\u00a0<\/p>\n\n\n\n<p>\u201cPeerage is well on its way becoming a top five brokerage in the US market if it keeps up with these types of acquisitions,\u201d Steve Murray, RealTrends senior advisor, said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peerage Realty enters seventh Sotheby\u2019s affiliation through partnership with Pacific Sotheby\u2019s International Realty, making it the largest strategic investor in the Sotheby&#8217;s network.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-3021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - 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