DPP Real Estate has more than 175 agents and specializes in architecturally significant properties. Moving forward, the firm will be known as DPP @ Compass.
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In the latest example of Compass’ ongoing effort to recruit top talent in key markets, the brokerage revealed Tuesday that it has just scooped up a high-end Southern California boutique firm with more than 175 agents.
The firm, Deasy Penner Podley, or simply DPP Real Estate, is based just outside Los Angeles in Pasadena and did $1.25 billion in sales volume last year. A statement from Compass explains that DPP’s footprint spans from Santa Monica on the coast to Palm Springs in the inland desert, and that the company has focused on “marketing some of Southern California’s most architecturally significant residences.” Moving forward, the boutique firm will be known as “DPP @ Compass.”
DPP’s current listings include the Farralone House, a mid-century estate designed by famed architect William Pereira. The home previously belonged to Frank Sinatra and hosted many big names during Hollywood’s Golden Age. The property itself has appeared in Hollywood productions as well, including Netflix’s Beef and Fox’s The Last Man on Earth.
The firm also holds the listing for a sprawling historic ranch with its own Old Hollywood pedigree.
Compass described DPP’s move as leading to a “partnership” between the companies but did not publicly share financial details about the arrangement.
George Penner and Mike Deasy founded DPP in 2005. Both men will remain with the company after joining Compass. The statement notes that the two men “will actively contribute to the growth of Compass’ Architecture + Design Division,” which focuses on “providing bespoke marketing solutions for some of the nation’s most architecturally significant properties.”
In the statement, Penner said they “could not be more excited” about joining Compass.
“This alliance enables us to continue delivering an intimate and highly localized service supported by the industry’s only end-to-end platform and a national agent network,” he also said.
DPP’s move is just the latest in a string of recruiting victories for Compass. Earlier this month, for instance, the brokerage picked up the Leslie Clarke Team in Connecticut. Last month, Compass also recruited two high-performing Chicago area agents away from @properties and scooped up Monterey Bay Properties in California’s Santa Cruz County. And earlier this year, the brokerage picked up an indie in Arizona and a top-performing agent in Washington.
Recruiting has long been a strong point for Compass and has helped propel the company into real estate’s upper echelon in recent years. However, a slowing market over the last year and a half has complicated recruiting efforts for companies across the industry by driving down the total number of agents in the U.S. Compass has managed to buck this trend, according to its recent earnings reports, and has grown its total headcount — albeit at a slower pace than it did in the boom times of yesteryear. But the situation nevertheless highlights the intense competition in real estate right now, not just for agents but also for those with a proven track record of success.
In Compass’ statement Tuesday, the brokerage said its “recent moves have showcased a commitment to organic growth combined with an agile approach to pursuing strategic expansion opportunities.”
Parker Beatty, Compass’ regional vice president of Southern California and Hawaii, also celebrated the arrival of DPP.
“We are excited,” Beatty said in the statement, “to welcome such a talented group of agents in a vital market while extending the reach of our referral network and augmenting our marketing expertise.”
Email Jim Dalrymple II