Compass buys Hudson Company, continuing Chicago expansion effort

The deal comes 2 months after Compass acquired Conlon Real Estate

TRD CHICAGO /
Jun.June 25, 2018 03:00 PM

Steve and Joanne Hudson (Credit: Wikimedia Commons)

Compass continues its expansion push in Chicago with the acquisition of Winnetka-based Hudson Company brokerage.

Adding Hudson’s two dozen residential brokers, the deal brings Compass up to around 350 agents in the Chicago area, it said Monday in announcing the acquisition.

It also gives New York-based Compass a presence in one of the toniest areas in Chicagoland. The sale price for Hudson, founded by Steve and Joanne Hudson in 2001, was not disclosed.

The venture capital-backed Compass has been quickly building a presence in Chicago since expanding here in November. It has sought to accomplish that through acquisitions and recruiting top-performing agents at local rivals.

In April, the firm bought residential and commercial firm Conlon Real Estate, a 200-agent company. That tripled Compass’ agent count overnight.

Compass has around $775 million for its nationwide expansion and looks to open 70 new offices around the country this year. The firm is built around a technology platform it says gives agents the edge over competitors and makes the buying and selling process smoother for clients.

Despite Compass’ recent moves in Chicago, rival @properties remains the largest brokerage in the city by far and has itself sought to expand.

The 18-year-old firm counts over 2,500 agent among its ranks and in May hired former Coldwell Banker residential brokerage agent Stephanie Szigetvari to run a new office in Arlington Heights. It also hired her Coldwell colleague, Jim Barcelona, to run @properties’ expansion into the western suburbs, where the brokerage plans to open a new office this summer.

Meanwhile, Compass’ aggressive strategy has made waves in the city. While the company has been criticized for expanding without the business to back it, agents at other firms have joined the upstart. Ryan Lee of @properties and Kimberly Kappelman of Keller Williams are two that recently hopped to Compass earlier this year, where they are leading a team.

And last month, Heather Gustafson left @properties to lead Compass’ new development marketing and sales division in the city.


Related Articles

arrow_forward_ios

City to redevelop land near 95th Red Line Station, Chicago’s slumping housing market gets slight reprieve: Daily digest

From left: One Bennett Park, 403 North Wabash Avenue, 1109 West Washington Boulevard (Credit: Related and Redfin)

Here are the priciest home sales in Chicago last week

Chicago ultra-luxury homes see major price cuts, more Sears closings: Daily Digest

Homes in Chicago's Archer Heights neighborhood (Credit: iStock)

Chicago Cheat Sheet: Chicago home value growth hits 3-year low, another suburban corporate exodus…& more

Michael Larsen and an aerial view of Chicago (Credit: Linkedin, iStock)

Amid Chicago’s luxury housing market lull, there is life in Winnetka

Diane Glass, Joe Stacy and Mark Pasquesi with Berkshire Hathaway’s Lincoln Park office

Berkshire Hathaway reshuffles local leadership in bid to retain, recruit agents

Top, from left: Kris Berger, Jim Darrow, Brad Feldman, Craig Cudzilo, Jennifer Warden; bottom, from left: Andrew Sandquist, Joe Smazal, Debra Moritz, JC Asensio, Hugh Williams, Matthew Knafel

Movers & Shakers: See where the best and brightest of Chicago real estate are moving up

Ruth ‘Drussy’ Hernandez leaves Compass for Fulton Grace Realty (Credit: iStock, Fulton Grace)

3 takeaways on Chicago’s resi market from Fulton Grace Realty’s new VP

arrow_forward_ios