The biggest residential brokerage merger in U.S. history is officially in motion.
Compass announced it will acquire Anywhere Real Estate — parent of Corcoran, Sotheby’s International Realty, Coldwell Banker and Century 21 — in a $1.6 billion all-stock deal.
If approved and closed in 2026, the combined firm will boast more than 340,000 agents and generate $414 billion in annual sales volume, larger than the next five brokerages combined. The combined company’s enterprise value would be an estimated $10 billion.
Robert Reffkin will remain CEO, with Anywhere chief Ryan Schneider set to exit after the transition. Reffkin has been blunt about the playbook: use scale to slash costs, create efficiencies across operations and lock down more inventory than any competitor can touch. Anywhere brings deep brand recognition and global reach. Compass brings tech tools, investor backing and a relentless focus on agent recruitment.
The financial risk is considerable. Compass will absorb Anywhere’s $2.8 billion debt, supported by a $750 million bridge loan from Morgan Stanley.
Executives expect to refinance into longer-term debt and drive the debt-to-earnings ratio down through consolidation and expanded ancillary services, and investors will be watching closely. Compass only recently turned profitable, and its ability to balance growth with discipline will be tested at a new scale.
The merger’s impact will be felt market by market.
In South Florida, Compass and Anywhere’s brands already closed $9.5 billion in on-market sales last year, and the merger would consolidate five of Miami’s top 10 brokerages, including its fiercest competitor in Miami-Dade, Coldwell Banker, and the Jills Zeder Group, which alone accounted for $923 million in on-market sales last year.
Compass’ Chicago presence has already grown through last year’s acquisition of @properties and Christie’s International Real Estate. Folding in Anywhere’s brands would push local sales volume to nearly $18 billion, dwarfing the rest of the city’s top 20 firms.
In North Texas, Compass and Anywhere brands combined for $12.4 billion in sales last year, about a third of the Metroplex’s $37.9 billion total and more than double Berkshire Hathaway-owned Ebby Halliday’s $5.8 billion.
On the West Coast, Los Angeles would see Compass controlling roughly half the market. But boutique brokerages like The Agency, Carolwood and Nourmand & Associates are framing the merger as an opportunity to attract top talent by emphasizing personalized support and a hands-on approach — a popular reaction from firms in all markets.
Rivals were quick to react to the news. Douglas Elliman CEO Michael Liebowitz called the idea of Anywhere’s brands remaining independent “a fiction” at an impromptu town hall, while Brown Harris Stevens’ Bess Freedman praised the ambition but warned that “bigger isn’t always better,” another popular sentiment uttered throughout the industry. Ryan Serhant offered the bluntest assessment: “when innovation slows, consolidation grows.”
For agents, some will welcome unmatched reach, marketing power and referral networks. Others will worry about getting lost in a massive organization. Beyond agent sentiment, the deal comes down to leverage. Compass has long sought control over more of the transaction, from listings to closings. Anywhere’s vast agent base strengthens its hand in fights with MLSs over pocket listings and with portals like Zillow and CoStar over consumer traffic.
There was plenty of other real estate news this week. We saw three more casino proposals head to a CAC vote, Harry Macklowe bought 809 Madison Avenue with conversion plans and Joel Wiener is auctioning 93 bankrupt buildings.
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