Lindsay Reishman Real Estate, a boutique D.C. real estate brokerage, has been acquired by Urban Compass, a New York City brokerage with a focus on technology, the companies announced Thursday.
Reishman (an advertiser with UrbanTurf) will become president of Urban Compass’ first branch outside New York. The company, most recently valued at $360 million, has been planning to expand to other markets since its model began to show success in NYC. D.C. came first, according to CEO Robert Reffkin, because Lindsay Reishman Real Estate was a good fit, and the city has a promising real estate market.
“We view D.C. as one of the country’s real estate markets that’s really growing,” Reffkin said.
Urban Compass is responsible not only for a much-hailed app that aims to better connect buyers with the right agents and properties, but also for behind-the-scenes, data-driven tools, including a valuation tool that prices properties with more accuracy, Reffkin said.
Reishman told UrbanTurf he wasn’t looking to sell when he was first approached by the company last spring.
“I was trying to figure out how to get to the next level and open additional offices and hire the additional management. I realized this was by far the best option available,” he said.
Urban Compass will begin visibly rolling out in D.C. in early 2015.
This article originally published at http://dc.urbanturf.com/articles/blog/tech-savvy_nyc_brokerage_firm_urban_compass_expands_to_d.c/9216
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