In a move that will create the state of California’s largest independent real estate brokerage, Pacific Union International and Partners Trust announced plans to merge.
Pacific Union is the eighth-largest real estate brokerage in the U.S. by 2016 sales volume, and Partners Trust is an independent luxury brokerage with more than 240 associates in the Los Angeles area.
The merger is the second for Pacific Union in the Los Angeles market in the last eight months. Late last year, Pacific Union merged with Beverly Hills-based John Aaroe Group.
According to a release from the companies, the combined firm creates the largest independent luxury real estate brokerage in California, with 2016 sales volume of $12.61 billion and projected 2017 sales volume of more than $15 billion.
The merger, which is expected to be complete next week, will form a brokerage with 47 offices in Northern and Southern California with more than 1,400 real estate professionals.
“Our merger with Pacific Union represents a new and exciting era for our team of partners and associates,” Nick Segal, Partners Trust CEO and co-founder, said.
“It will positively redefine the California real estate market and make us the dominant, independent force in the Los Angeles luxury real estate market,” Segal added. “We immediately strengthen our position as a market leader, deepen our marketing and technology tool chest, and expand our global reach. It allows us to create the most ideal road map for the ultimate client experience in Los Angeles.”
According to the companies, John Aaroe Group and Partners Trust will continue to operate as separate brands with their current leadership in their respective offices, while Partners Trust will incorporate Pacific Union's marketing and business intelligence assets into its real estate practice.
“This merger executes against Pacific Union's unique, high-performance vision for the development of the ultimate California real estate company and the real estate firm of the future,” Pacific Union CEO Mark McLaughlin said.
“Beyond our expansion in Southern California, we admire Partners Trust's impressive year-over-year growth in this highly competitive market and deeply value the extraordinary principles of integrity and trust that Partners Trust delivers to its clients,” McLaughlin continued. “Pacific Union shares this same commitment to our clients through teamwork, trust and innovation.”
