Urban Compass Expands to DC
New York's tech-forward brokerage Urban Compass is generating more buzz after acquiring DC's Lindsay Reishman Real Estate and expanding operations to the capital. The company, which founder Ori Allon (above) calls a RE equivalent of taxi-sharing app Lyft, uses an algorithm to match users to ideal agents representing well-suited properties. Since launching in NYC last year, Urban Compass has raised over $70M from the likes of AMEX chief Ken Chenault and Peter Thiel's Founders Fund.
The five-year-old boutique Reishman brokerage has 40 employees, while Urban Compass currently counts 108 agents. The companies will come together early next year. "D.C. is important in terms of the type of market and sheer volume of transactions,” Allon told the Washington Post. “It’s important for my management team to go and make sure we shape the D.C. branch the same way we did in New York.”