Urban Compass Takes First Milestone Step in National Expansion by Acquiring Lindsay Reishman Real Estate in Washington, D.C. Market

WASHINGTON, Nov. 13, 2014 /PRNewswire/ -- Technology-driven real estate platform Urban Compass announced today that it has opened its first office in Washington, D.C. with the acquisition of Lindsay Reishman Real Estate, a leading residential brokerage based in the district. The announcement marks Urban Compass' first new office outside of New York City, and is a critical step in the company's strategy to harness the full power of its scalable technology to expand into key markets nationally.

"Our vision has always been to expand Urban Compass into a national platform, and today's announcement is a significant milestone in executing on this plan," stated Urban Compass' Founder and Executive Chairman Ori Allon. "Lindsay's commitment to improving the real estate experience by empowering agents to deliver superior service to clients is fully aligned with Urban Compass' vision. We look forward to bringing technology to the table and collaborating with him and his team to leverage their unparalleled knowledge of the local market and deep relationships to grow our presence in the critical Washington, D.C. Metro area, just as we have in New York."

Effective immediately, Lindsay Reishman, founder and principal broker of the eponymous firm, joins as President of Urban Compass Washington, D.C. In this role, Reishman will work closely with Allon and Founder and CEO Robert Reffkin, as well as President Leonard Steinberg and Head of Expansion & Strategic Partnerships, Andi Bernstein, to drive the growth of Urban Compass' Washington, D.C. area presence, with an immediate focus on recruiting.

The acquisition also adds 25 agents to Urban Compass, which is planning to launch its Washington, D.C. web and technology platform in early 2015.

Founded in 2009, Lindsay Reishman Real Estate is highly regarded as one of the Greater Washington, D.C. market's pre-eminent residential brokerages. The firm is comprised of top agents who are recognized experts in the local real estate market, and whose collective experience encompasses the entire process of buying, selling or renting a home. In just five years since launching, the firm has grown to become the sixth largest independent residential brokerage in the Washington, D.C. market based on transaction volume.

"We are thrilled to join the Urban Compass family. The company's proprietary technology is truly the best in the industry, and will provide our agents with a distinct competitive advantage in delivering superior client service," stated Reishman. "The dynamic Washington, D.C. market is ready to welcome an innovative, collaborative firm that is focused on improving the home search process, and I am confident that this partnership positions us strongly to fill that void."

Urban Compass combines exceptional agents with best-in-class technology to make the home search intelligent and seamless. The company was the first residential brokerage in the country to offer a proprietary mobile app exclusively for its agents, enabling them to update listings, conduct searches, get leads and much more. Urban Compass employs a team of full-time consultants that are solely focused on supporting its agents' businesses, and offers a set of distinctive market research tools that give its agents an inside look into market trends and pricing, based on one of the most accurate real estate databases in the industry.

Urban Compass' clients benefit from a high level of customer service in addition to technology. The company uses a sophisticated lead algorithm that pairs clients with an agent who is best matched for their home search needs. Urban Compass also offers clients access to a sophisticated web platform and integrated consumer app that allows them to manage their entire search process in one place.

Earlier this year, Urban Compass raised $40 million in Series B financing from investors including Founder's Fund, Thrive Capital, .406 Ventures and Advance Publications. The Series B funding brought the total amount raised to $73 million, equipping the company with the capital to grow its operations in New York and now, Washington, D.C., as well as expand to other cities throughout the United States.

About Urban Compass

Urban Compass is a technology-driven real estate platform based in New York City, with offices in Washington, D.C., that combines exceptional agents with best-in-class technology to make the process of buying, selling or renting a home intelligent and seamless. To learn more about Urban Compass, please visit http://www.urbancompass.com or stay in touch on Facebook, Twitter, or Instagram.

SOURCE Urban Compass