In its quest to go big in California, Compass has hired Stan Richman, a veteran in Beverly Hills real estate who ran Coldwell Banker’s top-producing office nationwide.
Richman — arguably Compass’ biggest West Coast hire to date — managed the 200-agent Beverly Hills North office, which sold more than $2.1 billion worth of real estate in 2013.
His client roster includes the composer John Williams and Bob Dylan.
At Compass, Richman will be the firm’s regional vice president and will be tasked to grow the company’s footprint on the West Coast, the firm told The Real Deal. Compass is expanding rapidly and plans to be in 15 cities across the country by mid-2016.
Valued at $800 million, the firm launched an L.A. office earlier this month, and opened with 19 agents, including Scott Segall, Douglas Elliman’s top agent in California last year; Jeeb O’Reilly, also of Elliman; and The Agency’s Ari Afshar.
In Los Angeles, the median sale price jumped eight percent to $950,000 during the third quarter, according to real estate appraisal firm Miller Samuel and Douglas Elliman. The median luxury price slipped just over 1 percent to $5.2 million.
Compass, co-founded by Ori Allon and Robert Reffkin, has raised about $125 million from investors, is headquartered in Manhattan and operates in Park Slope, Williamsburg, Miami, Boston, Bridgehampton, East Hampton and Washington D.C.