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Compass moving HQ to Lincoln Park, adding Arlington Heights office
The two new offices will give the brokerage 11 after one year in the Chicago market
Compass is moving its headquarters to Lincoln Park early next year, the company confirmed to The Real Deal.
It also has plans to open a permanent office in Arlington Heights, where it is currently operating out of a co-working space, Compass spokesperson Erika Sheridan said.
The new offices will bring Compass’ number of local outposts to 11.
The brokerage’s new Lincoln Park office will become Compass’ regional headquarters, taking over that title from the company’s River North office at 20 West Kinzie Street. Compass did not say where its Lincoln Park office will be located.
About 80 agents will operate out of the Lincoln Park office, Sheridan said. Nineteen people will use the Arlington Heights office, though only five will be Arlington Heights-specific agents, she said.
With the Lincoln Park office, Compass is now directly entering one of the hottest submarkets in the city, where single-family home sales helped Chicago record a banner year for luxury sales. Given the competition for listings in the area, Rachael Rohn, general manager of Compass Chicago, said the company wanted to take its time and “build from scratch” in Lincoln Park.
“The number of Realtors who hang their hats in Lincoln Park is high,” Rohn said. “It’s where the action is. We’re very excited about that office.”
Compass launched in Chicago in late November 2017[https://therealdeal.com/chicago/2018/04/02/will-compass-chicago-ambitions-send-rivals-spinning/], with its first office in Lakeview. The firm has grown exponentially since.
In April, Compass acquired Conlon Real Estate, which brought about 200 agents under the Compass banner. Two months later, the company announced the acquisition of Hudson Company, giving it a foothold in the northern suburbs.
Compass entered Chicago with 13 agents and is now up to 527, Sheridan said.
Chicago is just one of the markets where Compass is aggressively expanding. The brokerage earlier this year said it had a $775 million war chest for nationwide expansion with a goal of opening 70 new offices around the country in 2018.
Its goal is to have a 20 percent market share in each of its local markets by 2020, company officials have said.
Locally, Compass has offices in River North, Streeterville, Gold Coast, Lakeview, Bucktown, Roscoe Village, Hinsdale and two in Winnetka.