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.