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

8 Homes You Can Virtually Tour Now

Virtual tours are all the rage these days and we’ve got plenty of great new listings for you to explore this holiday weekend. Do you dream of a mid-century oasis amidst lush greenery? Perhaps a Craftsman style bungalow is more your speed. There’s all that and more ready for you to explore! La Cañada Flintridge… Keep reading

A Stunning Mid-Century Estate Located in La Cañada Flintridge

First time on the market in over 40 years. This Mid-Century estate is situated on over an acre of land, surrounded by lush natural beauty with the utmost privacy. The single-level home offers four bedrooms, three bathrooms and a separate master retreat or office with spectacular mountain views. The front door welcomes you to a… Keep reading

Flea’s Former Pad Outside of Griffith Park Comes to Market

By Jack Flemming In Los Feliz, a 1930s traditional recently owned by Red Hot Chili Peppers bassist Flea just came to market for $3.488 million. Flea, whose real name is Michael Balzary, had a successful stay in the elegant abode about a block away from Griffith Park. Records show he bought it for $2.47 million… Keep reading