Published: July 20, 2009
Fast-Growing, Luxury Real Estate Firm Morgan Lane to Acquire Pacific Union Real Estate
SAN FRANCISCO - (BUSINESS WIRE) - Pacific Union GMAC Real Estate (www.pacunion.com),
one of Northern California's leading luxury real estate brands is being
acquired by the principals of Morgan Lane Marin, Inc. (www.morganlanemarin.com),
a fast-growing boutique real estate firm with operations in Marin
county. The sale is expected to close in August.
Bucking the odds in a highly volatile, recession-stymied real estate
market, Morgan Lane Marin has grown meteorically, from just $52 million
in sales in 2006 to $315 million in 2008.
Combined, the two entities will have 17 offices, more than 430 real
estate professionals and 2009 sales volume projected to be $2.2 billion,
according to Mark A. McLaughlin, CEO of Morgan Lane.
The goal of the combined operations is to become the Bay Area's leading
luxury real estate brand - an objective McLaughlin said will be achieved
by retaining and recruiting the industry's top-producing professionals
and leveraging resources and international marketing programs of
Christie's Great Estates.
"It's a business philosophy that has proven itself at Morgan Lane in
Marin County," said McLaughlin. "With Pacific Union's strong reputation
and platform, coupled with Morgan Lane's agile and entrepreneurial local
management and marketing methods, we have every reason to believe that
we are well positioned to become Northern California's dominant luxury
real estate brand."
For Pacific Union the acquisition brings the company full circle back to
its roots three decades ago, restoring it to a locally owned and
operated, high-end boutique brokerage.
"This is great news for Pacific Union, as it will now return to local
ownership," says Avram Goldman, CEO of Pacific Union. "These are two
highly regarded companies with similar cultures." Adds Goldman, "Pacific
Union is already well positioned as a leading Bay Area real estate
company. By joining forces with Morgan Lane, we have a tremendous
opportunity to expand both companies' presence and further dominate in
the regions we serve."
Company officials are confident the acquisition will combine the best
assets from two of the Bay Area's preeminent luxury brokerage firms.
"It is an amazing opportunity to expand geographically with a company
that is likeminded," said McLaughlin. "Both Pacific Union and Morgan
Lane have well-earned reputations for providing extraordinary service to
home buyers and sellers throughout Northern California. We intend to
further strengthen the organization by providing local, hands-on
management with the appropriate resources for growth," said McLaughlin.
The companies' leadership team will be led by McLaughlin, with Goldman
serving as strategic advisor for both organizations.
McLaughlin is a highly accomplished and respected real estate executive
whose experience includes senior management roles with Colliers
International, Jones Lang LaSalle, LoopNet, and Sperry Van Ness
International. He, with his experience and vision, combined with the
seasoned group of Pacific Union and Morgan Lane executives, will make up
a formidable leadership team.
McLaughlin stressed that management's job is to support its real estate
professionals in every way possible. "Our professionals have access to
the finest marketing programs including Internet and new media
strategies, print advertising and direct marketing. For our clients, it
means increased exposure of their homes for sale on a regional, national
and international level, with a greater connection to high net worth
individuals and investors," said McLaughlin.
The two companies will continue to operate under their existing names,
as independently owned and operated franchised companies within
Brookfield Residential Property Services' U.S. real estate network.
Pacific Union will continue to be managed locally by its existing team
of executives. Its thirteen offices are located in Berkeley, San
Francisco (Opera Plaza), San Francisco (Presidio), Danville, Larkspur,
Mill Valley (downtown), Mill Valley (Strawberry), Montclair, Napa Valley
(Napa), Napa Valley (St. Helena), Orinda, Sonoma and Sonoma Plaza.
Morgan Lane specializes in the marketing of luxury properties in the
North Bay area. Relying on smaller, boutique-oriented offices to better
serve its luxury clientele, the company has four offices. These include:
Kentfield, Ross, Mill Valley and Belvedere.
Terms of the purchase were not announced.
About Morgan Lane
Morgan Lane Marin (www.morganlanemarin.com)
was founded in 2006, and is a fast-growing real estate brokerage firm
specializing in luxury properties in Marin County. The company's team
philosophy and unique marketing and advertising strategies distinctly
set it apart from other real estate firms. Its real estate professionals
consistently outperform market standards by achieving the highest
average sales price and the lowest average days on market.
About Pacific Union Real Estate
Since 1975, Pacific Union Real Estate (www.pacunion.com)
has thoughtfully matched generations of buyers and sellers throughout
the entire Bay Area. Pacific Union focuses on delivering outstanding
quality and unparalleled service to a full spectrum of discerning
clients. It has been an innovator in delivering new technology
applications designed to enhance the experience of both home buyers and
sellers. Pacific Union is associated with Christie's Great Estates, an
international network of independent companies that specialize in
marketing luxury residential real estate.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6010567&lang=en
Siler & Company Public Relations for Pacific Union Real Estate
Hugh
Siler, 949-646-6966
hugh@silerpr.com
or
Marsh
Marketing and Public Relations for Morgan Lane
Gary Marsh,
415-453-7045
gary@marshmarketing.com
or
Marsh
Marketing and Public Relations for Morgan Lane
Alison Miller,
914-589-8561
amiller@marshmarketing.com
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