Biggest resi brokerage player in Canada to acquire stake in Jameson Sotheby’s: sources

Toronto-based Peerage Realty acquired every Sotheby’s International franchise in Canada last May

Feb.February 06, 2020 08:30 AM
Peerage Capital Founder & Executive Chairman Miles S. Nadal (Credit: iStock)

Peerage Capital Founder & Executive Chairman Miles S. Nadal (Credit: iStock)

A private equity firm that owns the rights to Sotheby’s International Realty franchises in Canada is set to acquire a significant stake in Jameson Sotheby’s International Realty in Chicago, sources told The Real Deal.

Terms of the deal between the Chicago-area franchise and Toronto-based Peerage Realty Partners, a subsidiary of Peerage Capital, haven’t yet been disclosed, sources told TRD.

Jameson Sotheby’s, which is led by CEO Chris Feurer and president Mike Sato, hosted a company-wide meeting with agents on Wednesday, sources said. Several agents said they were instructed not to talk to TRD on Wednesday. A public announcement is expected on Thursday.

Jameson Sotheby’s and Peerage executives didn’t respond to requests for comment.

Peerage, led by Canadian entrepreneur and noted sneaker collector Miles Nadal, acquired the operations and franchise rights to Sotheby’s International Realty Canada for an undisclosed price in May. At the time, Peerage reported having 72 realty offices with 1,840 sales representatives in North America and $9.6 billion in closed sales. It is the dominant presence in the Canadian luxury market, having also acquired smaller firms such as Chestnut Park Real Estate in Toronto, Baker Real Estate, Fifth Avenue Marketing and StreetCity Realty Inc.

In early 2019, Peerage entered the U.S. luxury brokerage market with the acquisition of Denver-based Madison & Cos. The Globe and Mail reported that the acquisition in Denver would be part of a planned buying spree in the U.S., for which it allocated $250 million.

Jameson Sotheby’s was Cook County’s fifth-biggest residential brokerage by volume, according to TRD’s 2019 brokerage rankings. The franchise firm, which specializes in luxury sales in Chicago and in the suburbs, tallied $1.54 billion in sales volume between December 2017 and November 2018, according to the TRD rankings. It trailed regional leader @properties (which is partially owned by a private equity firm), Coldwell Banker Residential Brokerage, Baird & Warner and Berkshire Hathaway HomeServices Chicago (previously known as Berkshire Hathaway Homeservices KoenigRubloff).

SoftBank-backed brokerage Compass placed sixth in TRD’s rankings last year.

James Kleimann contributed reporting

Related Articles

(Illustration by Dave Murray)

The squeeze on resi brokerages is forcing consolidation, cooperation

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand