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Town CEO Andrew Heiberger has signaled it’s likely that Thor Equities CEO Joe Sitt will stay on as a partner at Town Residential as it goes through a merger with The Agency, an LA-based residential brokerage.
The merger’s expected to close within a matter of weeks and Joe, along with Andrew and Agency founders Billy Rose and Mauricio Umansky are the likely partners. There’s no word on the breakdown of ownership stakes in the new brokerage, according to The Real Deal.
A name for the new entity hasn’t been settled on, but it may be a hybrid of Town and Agency. Andrew said the Town brand cost “tens and tens of millions” of dollars to establish, and said he wanted to keep the name in the new brand.
Joe has co-owned Town with Andrew since 2012. [TRD]
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