WASHINGTON, DC—New York City-based Urban Compass reports it has opened its first office in Washington, DC with the acquisition of Lindsay Reishman Real Estate, a leading residential brokerage based in the district.
The announcement on Thursday marks Urban Compass' first new office outside of New York City, and is a critical step in the company's strategy to harness the full power of its scalable technology to expand into key markets nationally, company officials say.
Effective immediately, Lindsay Reishman, founder and principal broker of the firm that carries his name, joins the firm as president of Urban Compass Washington, DC. In this role, Reishman will work closely with Urban Compass' founder and executive chairman Ori Allon and founder and CEO Robert Reffkin, as well as president Leonard Steinberg and head of expansion & strategic partnerships, Andi Bernstein, to drive the growth of Urban Compass' Washington, DC area presence, with an immediate focus on recruiting.
“Our vision has always been to expand Urban Compass into a national platform, and today's announcement is a significant milestone in executing on this plan,” says Allon. “Lindsay's commitment to improving the real estate experience by empowering agents to deliver superior service to clients is fully aligned with Urban Compass' vision. We look forward to bringing technology to the table and collaborating with him and his team to leverage their unparalleled knowledge of the local market and deep relationships to grow our presence in the critical Washington, DC Metro area, just as we have in New York.”
The acquisition also adds 25 agents to Urban Compass, which is planning to launch its Washington, DC web and technology platform in early 2015.
Earlier this year, Urban Compass raised $40 million in Series B financing from investors including Founder's Fund, Thrive Capital, .406 Ventures and Advance Publications. The Series B funding brought the total amount raised to $73 million, equipping the company with the capital to grow its operations in New York and now, Washington, D.C., as well as expand to other cities throughout the United States, company officials say.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
