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

3 Homes You Can Take A 3D Tour Of Now

Due to the “Safer at Home” mandate, weekend plans have been put on hold for most of us. Luckily, we have several new listings for you to tour virtually from the comfort and safety of your own home. Take a peek at a charming ranch style modern featuring a stunning kitchen with granite countertops, a… Keep reading

Homes For Sale in the San Gabriel Valley under $850,000

The San Gabriel Valley remains one of the most desirable places to live in Los Angeles. Factors such as school districts, proximity to nature, and the diversity of people make the San Gabriel Valley a destination for all lifestyles. Here are some of our favorite SGV listings in a variety of styles, all under $850,000,… Keep reading

Real Estate Photography Tips for “Safe At Home” Photo Shoots

As COVID-19 causes disruptions across the economy, all types of industry professionals are faced with drastic changes to the way they’ve traditionally done business. But with these changes however comes an opportunity to adapt, and thereby get ahead. A key cornerstone of the real estate industry has long been photography – the crisper and more… Keep reading