In its quest to corner the Hamptons market, Compass absorbed the operations of Hamptons-based Strough Real Estate Brokerage and will open an office in Sag Harbor immediately.
The new outpost will be the third Hamptons location in as many months for the Manhattan-based startup, which is valued at $800 million.
Strough’s principal broker Scott Strough, who founded his eponymous firm in 1995, will join Compass along with his eight-person team.
“Sag Harbor is an important and increasingly popular sub-market in the Hamptons, and the Compass brand needed to have a presence here,” CEO Robert Reffkin said in a statement.
Compass planted a flag in the beach community of Bridgehampton this past October. Weeks later, it announced plans to open an office in East Hampton. Overall, the firm said it has $1.4 billion worth of exclusive sales listings and $2.5 billion in its new development pipeline.
Rivals, however, have fought its expansion.
Last month, Hamptons firm Saunders & Associates sued Compass and former Saunders agent Meg Salem on the grounds that Salem allegedly stole more than 11,000 listings from her former firm. Compass subsequently “parted ways” with Salem and her teammate Vanessa Bogan.
In November, Brown Harris Stevens sued former manager Ed Reale for allegedly violating his noncompete by joining Compass.
Source: The Real Deal