Peerage Realty Partners, a leading residential real estate services firm that specializes in luxury markets across North America, has made an impressive new addition to its brokerage partnership roster, clinching a substantial partnership interest with Pacific Sotheby’s International Realty of Southern California.
As their seventh affiliation with Sotheby’s International Realty, this move mints Peerage's status as the largest strategic investor in the network, now projected to transact over US$40B this year via its partner firms. With 30 Canadian offices and dozens more in the US -- 228 in total -- Peerage now boasts a 5,550-strong agent and employee force across the continent.
This new partnership interest is Peerage’s first foray into the SoCal market, of which Pacific has a commanding presence. The brokerage’s territory stretches along the famous southern California coast, with 620 agents serving luxury Orange County and San Diego County markets such as Laguna Beach, Newport Beach, and La Jolla, among others.
In its 11 years of operation, Pacific has become the preeminent luxury brokerage in the region, and attained a sales volume of $US$6.8B in 2021, boasting an average sale price 45% higher than that of its industry peers, says Founder and CEO Brian Arrington. “With our exciting momentum, the time is perfect to infuse new resources and capital to help grow our agents’ business,” he stated.
The brokerage will continue to operate under its current senior management team, CEO Brian Arrington, and COO Wendy Purvey, who each have a long and storied history with Sotheby’s; Arrington has been named among Swanepoel Real Estate Almanac’s Power 200 ranking, while Purvey previously held the position of Chief Marketing Officer at Sotheby’s International Realty.
An Iconic Partnership
These relationships will only further strengthen Peerage’s presence in the international luxury real estate space, says Peerage Realty Partners CEO Gavin Swartzman.
“I think that we’re on record as having a strong focus in the higher-end luxury space, and we see the Pacific International Realty Brand as one of the elite brands in that space and so our commitment to that brand was already substantial, but now it’s even more so with this partnership,” Swartzman tells STOREYS.
“It’s a large company -- transacting nearly $7B is a big deal -- but the market itself is pretty iconic. It’s southern California, it’s some of the most recognized real estate in the world, so it’s just a very significant location. In terms of the team itself, it’s a very strong team at Pacific and their president is Wendy Purvey, who is the original chief marketing officer of Sotheby’s International Realty, the brand itself. And so she is someone who is... extremely well networked inside of the whole Sotheby’s International Realty Network, so that there’s such a strong connection with her and Peerage, I think will be very helpful for us as we continue to grow and build relationships with the best players in the brand."
“Peerage Realty’s quest is to be the preeminent luxury real estate services company globally,” said Miles Nadal, Founder and Executive Chair of Peerage Realty Partners.
“Southern California is an ideal market to add to our growing portfolio. We look forward to further expanding across California, fully leveraging the Sotheby’s International Realty® brand and the expertise and reputation of Pacific Sotheby’s International Realty.”