Deasy Penner to buy out Podley Properties

 

By Gregory Cornfield

The wave of consolidation involving California residential brokerages is showing no sign of abating.

In the latest combination, L.A.-based brokerage firm Deasy Penner said it will buy Pasadena-based Podley Properties to expand its presence in Southern California. The deal will create a network of almost 300 salespeople from Malibu to Palm Springs, and an estimated annual sales of more than $1.6 billion, the firms announced Monday.

The acquisition follows the blockbuster deal in August in which New York-based Compass acquired Pacific Union International Realty, one of the largest brokerages on the West Coast, with $14 billion in sales last year.

Deasy Penner has about 100 partners working at its five offices in Pasadena, Venice, Silver Lake, West Hollywood, and Santa Monica. Mike Deasy, the brokerage’s CEO and Co-Managing Director, touted the “positive cultural alignment” between the two firms.

“We have been looking for both the right westside and eastside acquisitions for a while,” Deasy said in a statement.

To read the full article visit their website here.

You Might Also Like...
Recent Posts

Deasy Penner Podley Welcomes Partner Brittany Morrison

deasypennerpodley is excited to announce Brittany Morrison as a new agent to our Hancock Park family. Born into a family of East Coast developers and Real Estate Agents, Brittany has always been immersed in the industry. Upon graduating from The George Washington University in D.C. with a degree in Business and Marketing and a concentration… Keep reading

Cozy 1920s cottage in Atwater Village seeks $892K

By Elijah Chiland Located just a few blocks from the Los Angeles River, this charming little Atwater Village cottage has been around since 1923 and packs plenty of charm into its 1,252 square feet of living space. Featuring hardwood floors throughout, the home has wide windows and sliding glass doors that give it a light and… Keep reading

Las Orquideas Celebration & Preview

Merely minutes from the hustle and bustle of Hollywood Boulevard and nestled in the nearby foothills stands an impressive Spanish Revival compound known as Las Orquideas. The property evokes old Hollywood glamour, and on the evening of June 11th, that spirit was awakened by an exciting soirée. Guests were invited to tour several of the… Keep reading