San Francisco-based Pacific Union International and Los Angeles-based Partners Trust plan to merge.
The deal is expected to close the week of Aug. 14. The merger will create one of the largest independent real estate brokerages in California. This is the second deal Pacific Union has made in the Los Angeles market within the last eight months. It acquired the John Aaroe Group in December.
Sales volume in 2016 for the combined firm was $12.6B and projected 2017 sales are expected to eclipse $15B. The combined firm will have a total of 47 offices in California with 1,447 real estate professionals.
Nick Segal, Ron Smith, Richard Stearns and Hugh Evans III founded Partners Trust in 2009. It has produced sales of more than $10B since founding and has offices in Beverly Hills, Brentwood, Santa Monica, Ocean Park, Malibu, La Cañada Flintridge and Pasadena. Partners Trust founded Leverage Global Partners, which is an exclusive international network of luxury real estate firms in 16 countries.
John Aaroe Group and Partners Trust will continue to operate under their separate brands with current leadership in their offices. Partners Trust will use Pacific Union’s marketing and business intelligence assets, which have already benefited John Aaroe Group.
“We’ve seen a dramatic, 30% year-to-year increase in sales volume as a direct result of our merger with Pacific Union in 2016,” John Aaroe Group President John Aaroe said.
Through the merger, Partners Trust will extend its new development real estate expertise into Los Angeles’ competitive new condo market with The Mark Co., a luxury condo brokerage firm Pacific Union acquired in 2015.