Compass wants to make waves in Malibu

Startup firm hired Jay Rubenstein to lead new office

TRD New York /
Dec.December 21, 2015 05:45 PM

Barbra Streisand, Courtney Cox and Dustin Hoffman are among the celebrities who call Malibu home. Those A-listers now have a new neighbor: Startup brokerage Compass is opening an office in the tony beachfront community.

On the heels of launching an outpost in Los Angeles in November, the two-year-old firm announced it would expand to Malibu. Although it’s still finalizing a location, Compass said it’s hired Jay Rubenstein, a manager at Coldwell Banker’s Malibu West Office, to lead the new office.

Rubenstein, a 37-year veteran of the real estate business, had been at Coldwell Banker’s Malibu West office since 1994. Last year, the office had an average sale price of $4.5 million.

In New York, Compass’s aggressive recruitment was met with backlash from rival firms. It isn’t shying away from the strategy on the West Coast. The firm said it’s hired 45 agents in Los Angeles since debuting in early November, with top producing agents like Scott Segall, of Douglas Elliman; Jeeb O’Reilly, also of Elliman; and The Agency’s Ari Afshar already in tow.

In Malibu, where the median sale price is $3.795 million, Compass will compete with Coldwell Banker, Sotheby’s, Westside Estate, Pritchett-Rapf and the Agency.

As it buffs up its presence in Southern California, Compass has tapped former Douglas Ellliman VP of Marketing Leanne Rogan to head up marketing operations. Coldwell Banker defectors Stan Richman, a regional vice president, and Kathy Mehringer, a regional director of risk management and education, will also join Compass’ roster.

Compass, which has raised about $125 million from investors and is valued at $800 million, launched its national expansion earlier this year. Headquartered in Manhattan, the brokerage now has offices in Park Slope, Williamsburg, Miami, Boston, Bridgehampton, East Hampton, Washington, D.C., and L.A. It has nearly 400 agents nationwide.

Compass said it has $1.4 billion in exclusive listings around the country and a $2.5 billion new development pipeline.


Related Articles

arrow_forward_ios
155 West 11th Street and 1100 Park Avenue (FXFOWLE; Google Maps)

Manhattan luxury market shows tentative signs of activity

Manhattan luxury market shows tentative signs of activity
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
198 Warren Street and 1 Clinton Street in Brooklyn (Google Maps; One Clinton BK)

Only four Brooklyn lux deals for fifth time in six weeks

Only four Brooklyn lux deals for fifth time in six weeks
16 Sutton Place (Credit: Google Maps)

Sutton Place co-op in turmoil over terrace fees

Sutton Place co-op in turmoil over terrace fees
384-386 Atlantic Avenue and Compass CEO Robert Reffkin (Google Maps; Getty)

Compass used Covid-19 to get out of lease: lawsuit

Compass used Covid-19 to get out of lease: lawsuit
Molly Townsend (Getty, iStock)

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint
New home listings in Manhattan are up for the 4th week in a row. Contract signings, not so much. (Getty; iStock)

Manhattan resi listings are up while contracts “limp along”

Manhattan resi listings are up while contracts “limp along”
84 Putnam Ave and 308 N 7th Street in Brooklyn (Google Maps; 308n7)

Brooklyn luxury home sales remain 80% below last year

Brooklyn luxury home sales remain 80% below last year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...