Bucking the odds in a highly volatile, recession-stymied real estate market, Morgan Lane Marin has grown meteorically, from just $52 million in sales in 2006 to $315 million in 2008. Combined, the two entities will have 17 offices, more than 430 real estate professionals and 2009 sales volume projected to be $2.2 billion, according to Mark A. McLaughlin, CEO of Morgan Lane.
The goal of the combined operations is to become the Bay Areas leading luxury real estate brand an objective McLaughlin said will be achieved by retaining and recruiting the industrys top-producing professionals and leveraging resources and international marketing programs of Christies Great Estates. “Its a business philosophy that has proven itself at Morgan Lane in Marin County,” said McLaughlin. “With Pacific Unions strong reputation and platform, coupled with Morgan Lanes agile and entrepreneurial local management and marketing methods, we have every reason to believe that we are well positioned to become Northern Californias dominant luxury real estate brand.”
For Pacific Union the acquisition brings the company full circle back to its roots three decades ago, restoring it to a locally owned and operated, high-end boutique brokerage.
“This is great news for Pacific Union, as it will now return to local ownership,” says Avram Goldman, CEO of Pacific Union. “These are two highly regarded companies with similar cultures.” Adds Goldman, “Pacific Union is already well positioned as a leading Bay Area real estate company. By joining forces with Morgan Lane, we have a tremendous opportunity to expand both companies presence and further dominate in the regions we serve.”
Company officials are confident the acquisition will combine the best assets from two of the Bay Areas preeminent luxury brokerage firms.
“It is an amazing opportunity to expand geographically with a company that is likeminded,” said McLaughlin. “Both Pacific Union and Morgan Lane have well-earned reputations for providing extraordinary service to home buyers and sellers throughout Northern California. We intend to further strengthen the organization by providing local, hands-on management with the appropriate resources for growth,” said McLaughlin. The companies leadership team will be led by McLaughlin, with Goldman serving as strategic advisor for both organizations. McLaughlin is a highly accomplished and respected real estate executive whose experience includes senior management roles with Colliers International, Jones Lang LaSalle, LoopNet, and Sperry Van Ness International. He, with his experience and vision, combined with the seasoned group of Pacific Union and Morgan Lane executives, will make up a formidable leadership team.
McLaughlin stressed that managements job is to support its real estate professionals in every way possible. “Our professionals have access to the finest marketing programs including Internet and new media strategies, print advertising and direct marketing. For our clients, it means increased exposure of their homes for sale on a regional, national and international level, with a greater connection to high net worth individuals and investors,” said McLaughlin. The two companies will continue to operate under their existing names, as independently owned and operated franchised companies within Brookfield Residential Property Services U.S. real estate network.
Pacific Union will continue to be managed locally by its existing team of executives. Its thirteen offices are located in Berkeley, San Francisco (Opera Plaza), San Francisco (Presidio), Danville, Larkspur, Mill Valley (downtown), Mill Valley (Strawberry), Montclair, Napa Valley (Napa), Napa Valley (St. Helena), Orinda, Sonoma and Sonoma Plaza.
Morgan Lane specializes in the marketing of luxury properties in the North Bay area. Relying on smaller, boutique-oriented offices to better serve its luxury clientele, the company has four offices. These include: Kentfield, Ross, Mill Valley and Belvedere.
Terms of the purchase were not announced.