Corcoran enters LA, absorbing “punk rock” brokerage

Corcoran Global Living adds PLG Estates and its 200 agents

Los Angeles /
Nov.November 13, 2020 09:00 AM
Michael Mahon and Peter Lorimer

Michael Mahon of Corcoran and Peter Lorimer of PLG Estates

Corcoran Group has entered Los Angeles, continuing the brokerage’s California expansion that began at the beginning of the year.

Franchise affiliate Corcoran Global Living is absorbing Los Feliz-based PLG Estates, a brokerage headed by Peter Lorimer, the firm announced Thursday. He will lead the L.A. operations. On its website, PLG describes its approach to real estate as “punk rock.”

Michael Mahon, CEO of Corcoran Global Living, told The Real Deal the luxury brand now has 230 agents in L.A. and one consolidated office in Hollywood Hills. That includes PLG’s 200 agents; Corcoran recruited the others. Corcoran Global Living said it now has more than 1,000 affiliated real estate agents across 34 offices, with annual combined sales of nearly $5 billion.

The L.A. market is replete with large residential brokerages, including Keller Williams, Coldwell Banker — which like Corcoran is under Realogy’s brokerage group — Douglas Elliman and Compass. That is in addition to luxury firms like Westside Estate Agency, Hilton & Hyland, The Agency, Rodeo Realty and the Oppenheim Group.

Mahon vowed that Corcoran Global Living “will be in the top three by market share in L.A. by this time next year.” The brokerage’s L.A. district office managers are Nick Spirtos in Beverly Hills, and Tom Swanson and Sherry Sada for the L.A. beach cities, the firm said.

PLG Estates closed $70.7 million in on-market sales between Jan. 30 and July 30, according to data analyzed by The Real Deal. That would rank the firm 30th in market share for that time period in L.A. County.

Corcoran Global Living has been spreading out through the state this year, starting in San Francisco in February. That was followed by Contra Costa in late July, and Napa Valley in August.

PLG Estates is an interesting choice for Corcoran. In addition to its punk rock ethos, the company said, “We dance to the beat of our own drum whilst living on the bleeding edge of the industry.”

“The PLG style is exciting and vibrant,” Mahon said. “That’s our same style and approach.”


Related Articles

arrow_forward_ios
Scott Durkin, president and COO of Douglas Elliman; Bess Freedman, CEO of Brown Harris Stevens
The Covid churn: Inside resi brokerages’ recruiting games
The Covid churn: Inside resi brokerages’ recruiting games
The Corcoran Group founder Barbara Corcoran (Getty)
Extortion, 9/11 and a toy gun: The story behind Barbara Corcoran’s brokerage sale
Extortion, 9/11 and a toy gun: The story behind Barbara Corcoran’s brokerage sale
Emily Giske, Scott Durkin, president and COO of Douglas Elliman, Bess Freedman, CEO of Brown Harris Stevens and Pam Liebman, CEO of the Corcoran Group (ERG Advisors, Douglas Elliman, Brown Harris Stevens, Corcoran Group)
NYC’s biggest brokerages take on Albany
NYC’s biggest brokerages take on Albany
Roy Silber (Corcoran, Twitter/Women2DC, iStock)
Corcoran axes broker who cursed at woman planting Biden signs
Corcoran axes broker who cursed at woman planting Biden signs
Realogy CEO Ryan Schneider 
Realogy profit surges to $98M as sales rebound
Realogy profit surges to $98M as sales rebound
660 Madison Avenue (Photo via Jenel Real Estate)
Safra family finally begins 660 Madison’s office-to-resi conversion
Safra family finally begins 660 Madison’s office-to-resi conversion
Corcoran Group CEO Pam Liebman (Photography by Sasha Maslov)
Corcoran absorbs Contra Costa brokerage in NorCal
Corcoran absorbs Contra Costa brokerage in NorCal
Joseph Swedroe (Corcoran, iStock)
Corcoran agent loses job over “racist and fear-based” marketing
Corcoran agent loses job over “racist and fear-based” marketing
arrow_forward_ios

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

Loading...