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.
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.”