Corcoran sets up shop in Beverly Hills

New 5K-sf office to house up to 200 agents as the firm expands its LA presence

Los Angeles /
May.May 14, 2021 02:03 PM
Corcoran Global Living CEO Michael Mahon and the Beverly Hills location. (Corcoran, JLL)
Corcoran Global Living CEO Michael Mahon and the Beverly Hills location. (Corcoran, JLL)

UPDATED, MAY 14, 2021, 5:45 p.m.:  Corcoran Group is trying to cement its presence as a major luxury brokerage in Los Angeles with a swanky new office in Beverly Hills.

Franchise affiliate Corcoran Global Living is opening a new 5,000-square-foot office at 9647 Brighton Way this summer, The Real Deal has learned.

“We felt that it was time for new blood, new energy and a new face in the market,” Nick Spirtos, the brokerage’s L.A. district manager, said in an interview.

While the company has offices in Manhattan Beach and Los Feliz, the new Beverly Hills office represents Corcoran’s lofty ambitions in the L.A. luxury residential market — a space dominated by local firms like Westside Estate Agency and Hilton & Hyland, as well as Compass, another New York transplant.

The firm is hoping the new office will serve upwards of 200 agents, according to Spirtos. Corcoran currently has around 60 of its nearly 900 Southern California agents working on Westside and Beverly Hills deals.

Corcoran’s new office was previously a boutique owned by Kyle Richards — the wife of The Agency CEO Mauricio Umansky.

Repurposing retail space is an attractive solution for companies that are shying away from the traditional office model, JLL broker Houman Mahboubi, who worked on the deal, said. The space was listed almost six months before the pandemic hit and has been vacant since.

Corcoran Global Living first moved into the L.A. market in November, when it acquired local brokerage PLG Estates, absorbing its 200 agents and its founder Peter Lorimer, who now works with Spirtos to lead L.A. operations.

Lorimer wants the new Beverly Hills office to be the “beating heart” of Corcoran’s Southern California operations, he told TRD on Friday.

Marking the Corcoran brand’s first foray into the West Coast, Corcoran Global Living was started earlier last year by Michael Mahon, the former president of Irvine-based brokerage First Team Real Estate.

At the time of the PLG acquisition, Mahon told TRD that Corcoran Global Living “will be in the top three by market share in L.A.” by the end of this year.

Update: This story has been updated to include a comment from Peter Lorimer.






    Related Articles

    arrow_forward_ios
    Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
    Beny Alagem’s $2B Beverly Hills project gets go-ahead
    Beny Alagem’s $2B Beverly Hills project gets go-ahead
    Sumner Redstone (Getty) with 31 Beverly Park Terrace (Redfin)
    Sumner Redstone’s Beverly Park estate flies off market for $27M
    Sumner Redstone’s Beverly Park estate flies off market for $27M
    Michael Nourmand (Facebook via Nourmand & Associates)
    Compass tries to recruit brokerage owner Michael Nourmand
    Compass tries to recruit brokerage owner Michael Nourmand
    Braemar Hotels & Resorts Chairman Monty Bennett with Mr. C Beverly Hills. (Ashford, Mr. C)
    Mr. C Beverly Hills sells to Monty Bennett’s Braemar Hotels
    Mr. C Beverly Hills sells to Monty Bennett’s Braemar Hotels
    Tony Gonzalez and 807 Cinthia Street (Getty, Redfin)
    NFL great Tony Gonzalez scores $21M mansion sale
    NFL great Tony Gonzalez scores $21M mansion sale
    Rendering's of Byron Allen's future mansion. (Getty, Landry Design Group)
    Media mogul Byron Allen is building a Beverly Hills megamansion
    Media mogul Byron Allen is building a Beverly Hills megamansion
    Dwayne “The Rock” Johnson and the Beverly Hills home (Getty, Zillow)
    The Rock throws down $28M for Beverly Park estate
    The Rock throws down $28M for Beverly Park estate
    825 Loma Vista Drive and (from left) Behati Prinsloo and Adam Levine with Portia de Rossi and Ellen DeGeneres (Getty, iStock)
    Ellen and Portia flip Adam Levine’s former mansion for $47M
    Ellen and Portia flip Adam Levine’s former mansion for $47M
    arrow_forward_ios

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

    Loading...